If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy.
Warren BuffettDiversification is a protection against ignorance. It makes very little sense for those who know what they're doing.
Warren Buffett[The U.S. Treasury] can borrow basically unlimited amounts. They can stay there for years and years. These assets will be worth more money over time. So when Merrill Lynch sells a bunch of mortgage-related assets at 22 cents on the dollar like they did a month or so ago, the buyer goes - is going to make money, and he's going to make a lot more money if it happens to be an institution like the U.S. government which has very, very cheap borrowing costs.
Warren Buffett