I have no views as to where it will be, but the one thing I can tell you is it won't do anything between now and then except look at you. Whereas, you know, Coca-Cola (KO) will be making money, and I think Wells Fargo (WFC) will be making a lot of money and there will be a lot - and it's a lot - it's a lot better to have a goose that keeps laying eggs than a goose that just sits there and eats insurance and storage and a few things like that.

The gross profits in many workouts appear quite small. It's a little like looking for parking meters with some time left on them. However, the predictability coupled with a short holding period produces quite decent average annual rates of return after allowance for the occasional substantial loss.

Investing requires qualities of temperament way more than it requires qualities of intellect.

Activity is the enemy of investment returns.

A home is one of the most important assets that most people will ever buy. Homes are also where memories are made and you want to work with someone you can trust.

Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.

My friends and I have been coddled long enough by a billionaire-friendly Congress.