The major asset in this category is gold, currently a huge favorite of investors who fear almost all other assets, especially paper money (of whose value, as noted, they are right to be fearful). Gold, however, has two significant shortcomings, being neither of much use nor procreative. True, gold has some industrial and decorative utility, but the demand for these purposes is both limited and incapable of soaking up new production. Meanwhile, if you own one ounce of gold for an eternity, you will still own one ounce at its end.

With each investment you make, you should have the courage and the conviction to place at least ten per cent of your net worth in that stock

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

I did not think I would see the day when, you know, an AIG would not be able to have its checks clear.

There's not many businesses where someone can come in and offer to cut the price in half and somebody doesn't think about shifting. But that's the nature of the ratings business.

A very rich person should leave his kids enough to do anything, but not enough to do nothing.

I can't promise results, but I can promise a common destiny.