I don't want to be on the other side of the table from the customer. I was never selling anything that I didn't believe in myself or use myself.

When we really sit back with a smile on our face is when we run into a situation we can understand, where the facts are ascertainable and clear, and the course of action obvious.

But 300 million Americans, their lending institutions, their government, their media, all believed that house prices were going to go up consistently. And that got billed into a $20 trillion residential home market. Lending was done based on it, and everybody did a lot of foolish things.

Uncertainty is the friend of the buyer of long term values.

There's no use running if you're on the wrong road.

Gold is a way of going long on fear, and it has been a pretty good way of going long on fear from time to time. But you really have to hope people become more afraid in a year or two years than they are now. And if they become more afraid you make money, if they become less afraid you lose money, but the gold itself doesn’t produce anything.

How do you beat Bobby Fischer? You play him at any game but chess. I try to stay in games where I have an edge.