Is management rational?

I'll tell you why I like the cigarette business. It cost a penny to make. Sell it for a dollar. It's addictive. And there's a fantastic brand loyalty.

Be fearful when there is greed and be greedy when there is fear.

Never give up searching for the job that you’re passionate about. Try to find the job you’d have if you were independently rich. Forget about the pay. When you’re associating with the people that you love, doing what you love, it doesn’t get any better than that.

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

Emotional makeup is more important than technical skill

There are 309 million people out there that are trying to improve their lot in life. And we've got a system that allows them to do it.