Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices.

When people talk about cash being king, it's not king if it just sits there and never does anything.

Can you know you can have institutions that put curbs on that in various ways, and actually what the banks, you know, they have various capital ratios and that sort of thing, but the banks got around them, I mean, they set up sieves and that sort of thing just to get more leverage. People love leverage when it's working. I mean, it's so easy to borrow money from a guy at X and put it out at X.

I was lucky enough to be born in a time and place where society values my talent, and gave me a good education to develop that talent, and set up the laws and the finanical system to let me do what I love doing-and make a lot of money doing it. The least I can do is help pay for all that.

With each investment you make, you should have the courage and the conviction to place at least ten per cent of your net worth in that stock

I think what people understand there probably - well, they were hoping the private sector would do it [rescuing AIG ].

We make investment decisions based on our evaluation of the most profitable combination of probabilities.