I think that trying to invest through 535 people is a tough job, you know, and so I would give more latitude.

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.

An irresistable footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities - at full prices they couldn't buy enough of them. In 1974, after the bottom had fallen out, they committed a then record low of 21% to stocks.

The big question about how people behave is whether they've got an Inner Scorecard or an Outer Scorecard. It helps if you can be satisfied with an Inner Scorecard.

Exercise humility and restraint.

You have to be able to communicate in life and probably schools underemphasize that. If you can't talk to people or write, you're giving up your potential.

When bills come due, only cash is legal tender. Don't leave home without it.