Learning how to live is much more important than learning how to make a living.

I mean you know at midnight everything is going to turn to pumpkins and mice; right? But if the evening goes along, I mean, you know, the guys look better all the time, the music sounds better, it's more and more fun, you think why the hell should I leave at quarter of 12. I'll leave at two minutes to 12. But the trouble is, there are no clocks on the wall. And everybody thinks they're going to leave at two minutes to 12.

Much success can be attributed to inactivity. Most investors cannot resist the temptation to constantly buy and sell.

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

Don't pass up something that's attractive today because you think you will find something way more attractive tomorrow.

But 300 million Americans, their lending institutions, their government, their media, all believed that house prices were going to go up consistently. And that got billed into a $20 trillion residential home market. Lending was done based on it, and everybody did a lot of foolish things.

That's the reality of what they're going to sell them to the Treasury for.