The stockmarket is a semi-psychotic creature given to extremes of elation and despair.

The smartest side to take in a bidding war is the losing side.

An investor should act as though he had a lifetime decision card with just twenty punches on it.

The same things happen to quite an extent around the globe. I mean, the European banks were doing what the American banks were.

If you don’t feel comfortable making a rough estimate of the asset’s future earnings, just forget it and move on. No one has the ability to evaluate every investment possibility. But omniscience isn’t necessary; you only need to understand the actions you undertake.

The rest of the world really likes our stuff pretty well. It's just we buy so damn much of what they produce.

I think the oversight is great, and I think that oversight ought to be devoted almost entirely to the question is this being done at market you know. In other words, you want to make sure that the government isn't investing foolishly. But you don't want to care about which congressional districts it goes to or whether banks get favored over.