We've been in a recession, by any common sense definition, because if you look at the American public, they've got 20 billion - 20 trillion, I should say, worth of residential homes.

If you don't find a way to make money while you sleep, you will work until you die.

If I were the treasury secretary or head of the Fed, you know, I would try to scare the hell the out of the private sector and say, you better save this because you're going down with the ship.

Don't settle for anything other than your passion - if you're lucky enough to find it.

If we have a strength, it is in recognizing when we are operating well within our circle of competence and when we are approaching the perimeter.

Does management resist the institutional imperative?

A pin lies in wait for every bubble and when the two eventually meet, a new wave of investors learns some very old lessons.