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

You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing. I've never borrowed a significant amount of money in my life. Never. Never will. I've got no interest in it.

If you knew what was going to happen in the economy, you still wouldn't necessarily know what was going to happen in the stock market.

If AIG had tried to unwind their derivatives books. I don't know. It would have hit every institution in the world.

The stock market is a no-called-strike game. You don’t have to swing at everything – you can wait for your pitch.

An irresistable footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities - at full prices they couldn't buy enough of them. In 1974, after the bottom had fallen out, they committed a then record low of 21% to stocks.

Inflation could be a very - is a likely consequence out of what's going on now.