Just imagine living on 21,000 a year. I mean you have 20 percent of the population doing that. So you don't have to worry about guys like me.

The Fed is the greatest hedge fund in history.

My net worth is the market value of holdings less the tax payable upon sale. The liability is just as real as the asset unless the value of the asset declines (ouch), the asset is given away (no comment), or I die with it. The latter course of action would appear to at least border on a Pyrrhic victory.

Focus on return on equity, not earnings per share.

I asked him what he wanted to do for his career, and he replied that he wanted to go into a particular field, but thought he should work for McKinsey for a few years first to add to his resume. To me that's like saving sex for your old age. It makes no sense.

I want to be able to explain my mistakes. This means I do only the things I completely understand.

Money will always flow toward opportunity, and there is an abundance of that in America.