... it's important to have the right monetary policy. It's important for, to have the right fiscal policy. But it's nowhere near as important as just the normal regenerative capacity of American capitalism.

I don't think it would be crazy to have a model or an entity model on the Reconstruction Finance Corp.

Two rules: 1. Preserve the principal 2. When in doubt, see Rule #1.

If you can't read the scoreboard. You don't know the score. If you don't know the score, you can't tell the winners from the losers.

We do not have, nor have had, and never will have an opinion about where the stock market, interest rates, or business activity will be a year from now.

A contrarian approach is just as foolish as a follow-the-crowd strategy. What's required is thinking rather than polling.

So some guy may know how to make money in cocoa beans, but I don't so I just let him have that. But it's got to be something I understand. It's got to be a business with fundamentally good economics. It's got to be a management that I like and trust and admire. And it's got to be a price that makes sense.