I would say the biggest single cause was we had an incredible residential real estate bubble.

The dominant factors affecting control valuations are earning power (past and prospective) and asset values.

I mean, if Pearl Harbor came along, you could have said the planning was wrong by the military ahead of time or maybe the battleships shouldn't have all been in the harbor and all that kind of thing.

You should invest like a Catholic marries: for life.

The big question about how people behave is whether they've got an Inner Scorecard or an Outer Scorecard. It helps if you can be satisfied with an Inner Scorecard.

If you hit a hole in one every hole, you wouldn’t play golf for very long.

The fact that people will be full of greed, fear, or folly is predictable. The sequence is not predictable.