I don’t believe anyone wants to hear what I have to say.

I don’t know what a credit bubble means. I don’t even know what a bubble means. These words have become popular. I don’t think they have any meaning.

People don’t walk away from their homes unless they can’t make the payments. That’s an indication that we are in a recession.

Debates go on to this day about what caused the Great Depression. Economics is not very good at explaining swings in economic activity.

After costs, only the top 3% of managers produce a return that indicates they have sufficient skill to just cover their costs, which means that going forward, and despite extraordinary past returns, even the top...

State constitutions typically provide that the state first has to service its debt, then make it pension payments, and then pay for services. What we don’t know is whether that order will be enforced. And...

I’m an extreme libertarian, but I realize we’re in a democracy, and in a democracy, people can have views of all stripes, and there’s no reason to argue about it.

In an efficient market, at any point in time, the actual price of a security will be a good estimate of its intrinsic value.

An investor doesn’t have a prayer of picking a manager that can deliver true alpha.

Economies typically do not function well in hyperinflation. The real value of government debt might disappear, but the economy is likely to disappear with it.

People are always saying that prices are too high. When they turn out to be right, we anoint them. When they turn out to be wrong, we ignore them. They are typically right and wrong...