The U.S. healthcare system is probably the most interesting large group of companies that are heading for major problems that we've seen in a long, long time.

I've learned there's a big difference between a long-focused value investor and a good short-seller. That difference is psychological and I think it falls into the realm of behavioral finance.

Bubbles are best identified by credit excesses, not valuation excesses. And there's no bigger credit excess than in China.

I've seen a lot more go to zero than infinity.

People who lose money always need someone to blame.

I call it the Rule of Three. If you read a company's financial statements three times, and you still can't figure out how they make their money, that's usually for a reason.

So you know, everyone points out Greece's default record, but the history of a lot of sovereign nations is not a good one when it comes to lending them money.

It's very difficult in the technology space when you have been leapfrogged to prosper again.

Chinais a world class if not the world class property bubble, primarily high-rise buildings, offices and condos.

Healthcare is growing now at about 10 per cent per annum in the U.S. top line, versus 3 per cent for the economy. As someone with a sharp pencil and an eye for this kind of thing, this can't last.

Where wise actions are the fruit of life, wise discourse is the pollination.

If you know someone that has given up hope, try giving that person some of your peace, joy, and faith!

...moderate your desire of producing perfection, temper your eagerness to produce faultless performance...and soften your manners towards those who are subordinate to you...

Courage is a scorner of things which inspire fear.

I'll sleep when I'm dead.

I had pestered [Phil Wood] for a long time. He finally agreed to do it. And I was excited and nervous and he couldn't have been nicer or more supportive from the minute I got to his house.

Don't you have a machine that puts food into the mouth and pushes it down?

People should have an escape valve for their money, their assets. If you have substantial financial assets, the government is going to confiscate the purchasing power of those assets and spend it.

I hate, and yet must love the thing I hate.

I cannot go to the houses of my nearest relatives, because I do not wish to be alone. Society exists by chemical affinity, and not otherwise.