I think what people understand there probably - well, they were hoping the private sector would do it [rescuing AIG ].

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

If you don’t feel comfortable making a rough estimate of the asset’s future earnings, just forget it and move on. No one has the ability to evaluate every investment possibility. But omniscience isn’t necessary; you only need to understand the actions you undertake.

Do not put all your eggs in one basket.

What's going to happen - things we're doing are going to have some inflationary consequences.

Would you rather be the world's greatest lover, but have everyone think you're the world's worst lover? Or would you rather be the world's worst lover but have everyone think you're the world's greatest lover? Now, that's an interesting question.

I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates were 39.9 percent in 1976-77 - shy away from a sensible investment because of the tax rate on the potential gain.