Like most trends, at the beginning it's driven by fundamentals, at some point speculation takes over. What the wise man does in the beginning, the fool does in the end.

I think people - what people want to do is make [economy] get worse.

I mean, they were getting the mortgage of some guy in Omaha, you know, securitized a couple of times. I mean he had all these - they had all these types from Wall Street, you know, and they had advanced degrees, and they look very alert, and they came with these - they came with these things that said gamma and alpha and sigma and all that. And all I can say is beware of geeks, you know, bearing formulas. They've heard that in Europe.

They say the chains of habit are too light to be felt until they are too heavy to be broken. The chains you put around yourself now have enormous consequences as you go through life.

It is to our advantage to have securities do nothing price-wise for months, or perhaps years, while we are buying them.

When 40 billion of treasury bills are sold like, seven day treasury bills, at a yield of 1/20th of one percent, that means the whole country is basically at the point virtually, or a lot of the country is at the point of putting the money under the mattress.

The three most important words in investing...Margin of Safety.