Long ago, Sir Isaac Newton gave us three laws of motion, which were the work of genius. But Sir Isaac's talents didn't extend to investing: He lost a bundle in the South Sea Bubble, explaining later, 'I can calculate the movement of the stars, but not the madness of men.' If he had not been traumatized by this loss, Sir Isaac might well have gone on to discover the Fourth Law of Motion: For investors as a whole, returns decrease as motion increases.

Accounting is the language of business.

It's us fun being a horse when the tractor comes along, or the blacksmith when the car comes along.

If AIG had tried to unwind their derivatives books. I don't know. It would have hit every institution in the world.

You’ve gotta keep control of your time, and you can’t unless you say no. You can’t let people set your agenda in life.

We need a tax system that essentially takes very good care of the people who just really aren't as well adapted to the market system but are nevertheless doing useful things in the society.

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