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

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

If you own the only newspaper in town, up until the last five years or so, you have pricing power and you didn't have to go to the office.

You need a lot of curiosity for a long, long time.

I mean there is no capital requirements to it or anything of the sort. And basically, I said there were possibly financial weapons of mass destruction, and they had them. They destroyed AIG. They certainly contributed to the destruction of Bear Sterns and Lehman. Although Lehman had other problems, too.

An IPO is like a negotiated transaction - the seller chooses when to come public - and it's unlikely to be a time that's favourable to you.

If you don't find a way to make money while you sleep, you will work until you die.