What motivates most gold purchasers is their belief that the ranks of the fearful will grow ... As 'bandwagon' investors join any party, they create their own truth - for a while.

I would say it's more important who the treasury secretary is than who the vice president is. If you want to have a debate here, I'd like a debate between potential treasury secretaries than the vice presidential debate.

You need a lot of curiosity for a long, long time.

If AIG had tried to unwind their derivatives books. I don't know. It would have hit every institution in the world.

In our view, though, investment students need only two well-taught courses-How to Value a Business, and How to Think about Market Prices. Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business who's earnings are virtually certain to be materially higher five, ten and twenty years from now.

People will always try to stop you from doing the right thing if it is unconventional.

It's never paid to bet against America. We come through things, but its not always a smooth ride.