And people really behaved in a fraudulent way or something, we'll go back and find the culprits later on. But that really isn't the problem we have. I mean that's where it came from, though. We leveraged up and if you have a 20 percent fall in value of a $20 trillion asset, that's $4 trillion. And when $4 trillion lands - losses land in the wrong part of this economy, it can gum up the whole place.

What you really want to do in investments is figure out what's important and knowable. If it's unimportant or unknowable you forget about it.

The rest of the world really likes our stuff pretty well. It's just we buy so damn much of what they produce.

The fundamental basis of above-average performance in the long run is sustainable competitive advantage.

So if you are evaluating others (or yourself!) in the investment field, think out some standards - apply them - interpret them.

If, when making a stock investment, you're not considering holding it at least ten years, don't waste more than ten minutes considering it.

Possessing a powerful worldwide brand is essential for sustained success.