If At First You Do Succeed, Quit

I Can't Promise Results, But I Can Promise A Common Destiny.

That's Been Lost. It's A Huge Problem. What You Have Is You Have The Major Institutions Of The World All Wanting To Deleverage. They Want To Take Down Their Assets And Liabilities. What Seemed So Easy To Borrow Against A Year Ago Now Looks Like Rat Poison To Them. So They're Trying To Deleverage. There Is Only One Institution In The World That Can Leverage Up In A Way That's All A Countervailing Force To That, And That's The United States Treasury.

We're Paying Maybe 25 Percent Of The Income Tax, But The Payroll Tax Is Over A Third Of The Receipts Of The Federal Government. And They Don't Take That From Me On Capital Gains. They Don't Take That From Me On Dividends.

Intrinsic Value Can Be Defined Simply: It Is The Discounted Value Of The Cash That Can Be Taken Out Of A Business During Its Remaining Life. The Calculation Of Intrinsic Value, Though, Is Not So Simple. As Our Definition Suggests, Intrinsic Value Is An Estimate Rather Than A Precise Figure, And It Is Additionally An Estimate That Must Be Changed If Interest Rates Move Or Forecasts Of Future Cash Flows Are Revised.

The Stock Market Is Designed To Transfer Money From The Active To The Patient.