The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.

I am a better investor because I am a businessman, and a better businessman because I am no investor.

The active investors will have their returns diminished by a far greater percentage than will their inactive brethren. That means that the passive group - the "know-nothings" - must win.

It's quite clear that stocks are cheaper than bonds. I can't imagine anybody having bonds in their portfolio when they can own equities, a diversified group of equities. But people do because they, the lack of confidence. But that's what makes for the attractive prices. If they had their confidence back, they wouldn't be selling at these prices. And believe me, it will come back over time.

I know what I want to do and it makes sense to get going.

I did not think I would see the day when, you know, an AIG would not be able to have its checks clear.

Take the probability of loss times the amount of possible loss from the probability of gain times the amount of possible gain. That is what we're trying to do. It's imperfect, but that's what it's all about.