We need a tax system that essentially takes very good care of the people who just really aren't as well adapted to the market system but are nevertheless doing useful things in the society.
The problem with commodities is that you are betting on what someone else would pay for them in six months. The commodity itself isn't going to do anything for you....it is an entirely different game to buy a lump of something and hope that somebody else pays you more for that lump two years from now than it is to buy something that you expect to produce income for you over time.
If I knew where I was going to want to live the next five or 10 years I would buy a home and I'd finance it with a 30-year mortgage... It's a terrific deal.
I've never been very fully employed either but just think of what it's like, you know, to go home with a mortgage payment you know and kids and everything else. My dad had that happen to him in the early '30s.
Over the years, a number of very smart people have learned the hard way that a long string of impressive numbers multiplied by a single zero always equals zero.
[Gold] gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.
Making money isn't the backbone of our guiding purpose; making money is the by-product of our guiding purpose. If you're doing something you love, you're more likely to put your all into it, and that generally equates to making money
The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.