Be thankful we're not getting all the government we're paying for.
Once you think that something is improbable and everybody thinks it, people modify their behavior in a way that makes it more probable. Everyone thought it was so improbable that so many people would default on real estate, it actually created a greater probability that it would happen because more capital flowed into that sector.
By the time market declines or advances are front-page news, they usually have run their course.
My largest positions are not the ones I think I'm going to make the most money from. My largest positions are the ones I don't think I'm going to lose money in.
When you combine ignorance and leverage, you get some pretty interesting results.
If you put the federal government in charge of the Sahara Desert, in five years there’d be a shortage of sand.
Success is a lousy teacher. It seduces smart people into thinking they can’t lose.
I made a killing in the stock market. My broker lost all my money, so I killed him.
The lesson of leverage is this: Assume that the worst imaginable outcome will occur and ask whether you can tolerate it. If the answer is no, then reduce your borrowing.
Wall Street makes its money on activity. You make your money on inactivity.
I'm looking for a 5:1 risk reward ratio. Five to one means I’m risking one dollar to make five. What five to one does is allow you to have a hit ratio of 20%. I can actually be a complete imbecile. I can be wrong 80% of the time, and I’m still not going to lose.
Paper money eventually returns to its intrinsic value: zero.
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