In a commodity business, it's very hard to be smarter than your dumbest competitor.

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

The three most important words in investing...Margin of Safety.

Let only individuals contribute - with sensible limits per election. Otherwise, we are well on our way to ensuring that a government of the moneyed, by the moneyed, and for the moneyed shall not perish from the earth.

If I were the treasury secretary or head of the Fed, you know, I would try to scare the hell the out of the private sector and say, you better save this because you're going down with the ship.

There's nothing inappropriate about having debt in America. It's what helped us grow over time. And it's when debt gets out of control that you worry.

In fact, in my adult lifetime, I don't think I've ever seen people as fearful economically as they are right now.