We've got a wonderful economic formula in this country.

I was lucky to have the right heroes. Tell me who your heroes are and I'll tell you how you'll turn out to be. The qualities of the one you admire are the traits that you, with a little practice, can make your own, and that, if practiced, will become habit forming.

Is management candid with the shareholders?

We don't read other people's opinions. We want to get the facts, and then think.

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.

Chains of habit are too light to be felt until they are too heavy to be broken.

Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.