Bad terminology is the enemy of good thinking.

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?

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.

You do not adequately protect yourself by being half awake when other are sleeping.

I have a wonderful family. I have a job that I love and wonderful people who help me with it. It can't get any better than that.

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.

I would say the most satisfying thing actually is watching my three children each pick up on their own interests and work many more hours per week than most people that have jobs at trying to intelligently give away that money in fields that they particularly care about.