If you gave me the choice of being CEO of General Electric or IBM or General Motors, you name it, or delivering papers, I would deliver papers. I would. I enjoyed doing that. I can think about what I want to think. I don't have to do anything I don't want to do.

All day you wait for the pitch you like; then when the fielders are asleep, you step up and hit it.

In the long run managements stressing accounting appearance over economic substance usually achieve little of either.

I put heavy weight on certainty. It's not risky to buy securities at a fraction of what they're worth.

The active investors will have their returns diminished by a far greater percentage than will their inactive brethren. That means that the passive group - the "know-nothings" - must win.

I'm putting all my money in the Chinese toy market.

That goes back to 1932, although it was really implemented in '33 under Jesse Jones, and it invested in mostly banks initially and preferred stock and that sort of thing. So there are two things needed in the system, the one that's needed overwhelmingly is liquidity. I mean, when people are trying to [unintelligible], there has to be somebody there to buy.