I've read about all the sales today. If you're an auto dealer, you're feeling it. If you're a furniture retailer like we are, you're feeling it. If you're a jewelry retailer, you're feeling it. I know some of these businesses because we're in them. Yeah, it's being felt, but it will be felt big time more if we don't do something about it, what's going on.

Generally, we have translated greater output in the few hours of work per week over the last century. And that's a good trend of the future. But we do have to have a system that, as output of goods and services keeps increasing per capita, that it takes care of the people who are willing to work and really are not getting by very well with a family on a 40-hour week.

Wide diversification is only required when investors do not understand what they are doing.

The Stock Market is designed to transfer money from the Active to the Patient.

People went crazy with tulip bulbs. They went crazy with the South Sea Bubble, they went crazy internet stocks, they went crazy with the uranium stocks back when I was first getting started.

The real fortunes in this country have been made by people who have been right about the business they invested in, and not right about the timing of the stock market.

To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What's needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework. You must supply the emotional discipline.