Stock market bubbles don't grow out of thin air. They have a solid basis in reality - but reality as distorted by a misconception. Under normal conditions misconceptions are self-correcting, and the markets tend toward some kind of equilibrium. Occasionally, a misconception is reinforced by a trend prevailing in reality, and that is when a boom-bust process gets under way. Eventually the gap between reality and its false interpretation becomes unsustainable, and the bubble bursts.

If we re-elect Bush, we are endorsing the Bush doctrine. And then we are off to a vicious circle of escalating violence in the world. And I think, you know, te…

Now look at the ideology of American supremacy. It has a solid foundation in reality; namely, the United States is the dominant power in the world. The current…

I think he's a man of good intentions. I don't doubt it. But I think he's leading us in the wrong direction.

Successful investing is anticipating the anticipations of others.

The market can stay irrational longer than you can stay solvent.

'Men who can both be right and sit tight are uncommon.'