With housing it's something even more dramatic than that, because most people aspire to own their own home.If you really think that houses prices are going to go up next year and the year after, you feel if I don't buy it this year, I'm going to have to buy it next year.That's not true of an Internet stock. But it's true of a home.

The investor of today does not profit from yesterday's growth.

In one way, I'm sympathetic to the institutional reluctance to face the music. I'd give a lot to mark my weight to 'model' rather than to 'market.'

Knowing what to leave out is just as important as knowing what to focus on.

Is management rational?

The extraordinary business does not require good management.

I have three boxes on my desk: In, Out, and Too Hard.