Rule No.1: Never Lose Money. Rule No.2:

You Can Lose Leverage, And It's The Only Way A Smart Guy Can Go Broke.

Taking Jobs To Build Up Your Resume Is The Same As Saving Up Sex For Old Age.

The U.s. Treasury Has Got Borrowing Costs Like Nobody Else Has.

Cash Combined With Courage In A Time Of Crisis Is Priceless.

I Make No Effort To Predict The Course Of General Business Or The Stock Market. Period. However, Currently There Are Practices Snowballing In The Security Markets And Business World Which, While Devoid Of Short Term Predictive Value, Bother Me As To Possible Long Term Consequences.