I have no idea on timing. It’s easier to tell what will happen than when it will happen. I would say that what is going on in terms of trade policy is going to have very important consequences.

My net worth is the market value of holdings less the tax payable upon sale. The liability is just as real as the asset unless the value of the asset declines (ouch), the asset is given away (no comment), or I die with it. The latter course of action would appear to at least border on a Pyrrhic victory.

I buy expensive suits - they just look cheap on me.

I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.

I never buy anything unless I can fill out on a piece of paper my reasons. I may be wrong, but I would know the answer to that ...I'm paying $32 billion today for the Coca Cola Company because... If you can't answer that question, you shouldn't buy it. If you can answer that question, and you do it a few times, you'll make a lot of money.

In the end, alchemy, whether it is metallurgical or financial, fails. A base business can not be transformed into a golden business by tricks of accounting or capital structure. The man claiming to be a financial alchemist may become rich. But gullible investors rather than business achievements will usually be the source of his wealth.

Whatever you like to do, make it a hobby and whatever the world likes to do, make it a business.