So smile when you read a headline that says "Investors lose as market falls." Edit it in your mind to "Disinvestors lose as market falls-but investors gain." Though writers often forget this truism, there is a buyer for every seller and what hurts one necessarily helps the other. (As they say in golf matches: "Every putt makes someone happy.")

If you're extremely rich, and you have got children, my theory was, you give them enough so they can do anything, but not enough so they can do nothing.

The most dangerous distractions are the ones you love, but that don’t love you back.

In looking for people to hire, look for three qualities: integrity, intelligence and energy. And if they don't have the first, the other two will kill you.

Take the high road; it's far less crowded.

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.

We've got a wonderful economic formula in this country.