Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.

Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.

Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to catch up with the price they paid.

People who watch their weight, golf scores, and fuel bills seem to shun quantitative evaluation of their investment management skills although it involves the most important client in the world-themselves.

I mean the truth is, I've never had it so good in terms of taxes. I am paying the lowest tax rate that I've ever paid in my life.

I would say that an RFC-like thing might make sense. I probably would do it myself. But I don't think trying to combine that with what's going through now, I think what is needed now is liquidity.

If we have a strength, it is in recognizing when we are operating well within our circle of competence and when we are approaching the perimeter.