Investment decision should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.

I'm not worried they're all about the investments we make. I mean, listen, this country - we've got $46,000 or $47,000 of GDP per capita. Now, we've done pretty darn well. We'll do better in the future.

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

Truly conservative actions arise from intelligent hypotheses, correct facts and sound reasoning.

You don't ever ask a barber whether you need a haircut.

In one way, I'm sympathetic to the institutional reluctance to face the music. I'd give a lot to mark my weight to 'model' rather than to 'market.'

Anything can happen in stock markets and you ought to conduct your affairs so that if the most extraordinary events happen, that you're still around to play the next day.