I mean you know at midnight everything is going to turn to pumpkins and mice; right? But if the evening goes along, I mean, you know, the guys look better all the time, the music sounds better, it's more and more fun, you think why the hell should I leave at quarter of 12. I'll leave at two minutes to 12. But the trouble is, there are no clocks on the wall. And everybody thinks they're going to leave at two minutes to 12.

Don't pass up something that's attractive today because you think you will find something way more attractive tomorrow.

We've been in a recession, by any common sense definition, because if you look at the American public, they've got 20 billion - 20 trillion, I should say, worth of residential homes.

The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.

We've used derivatives for many, many years. I don't think derivatives are evil, per se, I think they are dangerous.

It's got to be the best intellectual exercise out there. You're seeing through new situations every ten minutes. In the stock market you don't base your decisions on what the market is doing, but on what you think is rational. Bridge is about weighing gain/loss ratios. You're doing calculations all the time.

Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices.