What motivates most gold purchasers is their belief that the ranks of the fearful will grow. During the past decade that belief has proved correct. Beyond that, the rising price has on its own generated additional buying enthusiasm, attracting purchasers who see the rise as validating an investment thesis. As 'bandwagon' investors join any party, they create their own truth - for a while.

He must never forget Charlie's plea: Tell me where I'm going to die, so I'll never go there.

The key to success is emotional stability.

In our view, derivatives are financial weapons of mass destruction carrying dangers that, while latent, are potentially lethal.

Traditional wisdom is long on tradition and short on wisdom.

The range of derivatives contracts is limited only by the imagination of man (or sometimes, so it seems, madmen). Say you want to write a contract speculating on the number of twins to be born in Nebraska in 2020. No problem-at a price, you will easily find an obliging counterparty.

What we learn from history is that people don't learn from history.