I don't measure my life by the money I've made. Other people might, but certainly don't.

I would say the biggest single cause was we had an incredible residential real estate bubble.

The only time to buy these is on a day with no 'y' in it.

Does the business have favourable long term prospects?

What's hot today isn't likely to be hot tomorrow. The stock market reverts to fundamental returns over the long run. Don't follow the herd.

Investors should be skeptical of history-based models. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma and the like, these models tend to look impressive. Too often, though, investors forget to examine the assumptions behind the models. Beware of geeks bearing formulas.

We would do best in a market where everyone acted foolishly.