Although we deal with probabilities and expectations, the actual results can deviate substantially from such expectations, particularly on a short-term basis.

I think the FDIC was one of the great inventions of the American.

Activity is the enemy of investment returns.

Somebody's buying these treasury bills at 1/20th of one percent. Consuming about $2 billion a day of goods and services beyond what we're producing. In other words, the rest of the world sends about $2 billion a day net of something.We got to send them something in return, don't we. So we send them little pieces of paper.

Games are won by players who focus on the playing field -- not by those whose eyes are glued to the scoreboard.

It takes 150 years to build an investment bank and only five minutes to convince you to sell me preferred stock in it at a 10% interest rate.

Investors have to remember: corporate profits are going up, but stocks are going up faster. How can that continue indefinitely? Investors can only earn what companies themselves can earn; the government or the markets themselves don't kick anything in. How can you get anything more out of a farm than what it grows?