The patient that's on the floor with the cardiac arrest is not Wall Street. It's the American economy.

To be successful, you should concentrate on the world of companies, not arcane accounting mathematics.

We have usually made our best purchases when apprehensions about some macro event were at a peak. Fear is the foe of the faddist, but the friend of the fundamentalist.

The managers at fault periodically report on the lesson they have learned from the latest disappointment. They then usually seek out future lessons.

It takes 150 years to build an investment bank and only five minutes to convince you to sell me preferred stock in it at a 10% interest rate.

Is management rational?

They [Goverment] take from the woman who comes in and takes the wastebaskets out.