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

Games are won by players who focus on the playing field -- not by those whose eyes are glued to the scoreboard.

Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices.

In my opinion, the entire field of investment management, involving hundreds of billions of dollars, would be more satisfactorily conducted if everyone had a good yardstick for measurement of ability and sensibly applied it.

Larger sums may be an advantage at some cases and a disadvantage at others.

The problem with commodities is that you are betting on what someone else would pay for them in six months. The commodity itself isn't going to do anything for you....it is an entirely different game to buy a lump of something and hope that somebody else pays you more for that lump two years from now than it is to buy something that you expect to produce income for you over time.

I think the most important factor in getting out of the recession actually is just the regenerative capacity of - of American capitalism.