The Ledger, every show

“And modern portfolio theory math is what happened to the country in 2008. It's the same math that created the giant meltdown in, in mortgage bonds.”

“A five percent return or a four percent return, whatever the index is going to do over the next 20 years, is going to leave an enormous piece of America struggling to survive in retirement.”

“There's no difference between investing in a franchise, starting your own company, buying public stocks, buying private companies. There's no difference whatsoever. Investing is simply buying something that you understand for less than it's worth.”

“Everything else is just absolute speculation. And that's what most people are doing with their four or one case. They're speculating.”

“So when I'm doing options trading, for example, which is fundamental, I think, to good investing these days, particularly this market, I know I'm going to lose some investments.”

“Where we usually end up with trouble is that the management team, whoever's running it turned out to be a bunch of greedy bastards. And then you can get in trouble because they can do things that you don't, they shouldn't do. And they do it for their own benef…”

“Ben Graham, who sort of developed the ideas of value investing back in the thirties and forties, when he made about 22% per year through the depression in World War II, with what amounts to, in today's dollars, a billion dollar fund”

“For example, somebody who's 45 years old right now, who wants to retire in 20 years, is going to need about two and a half million dollars in in retirement capital to make it to 90 years old, spending In today's capital, in today's dollars, about 50,000 a year…”

“We're under a hundred million, so we're not very large by those standards, but what we've started doing recently is simply manage money through separately managed accounts.”

“The way Wall Street works is that if you have under a 100,000 dollars, almost no one's interested in managing your account.”