Quotes

It's not uncertainty as such that bothers us, but unknowledge.

The greatest risks are the risks that we don't see and the most difficult problem is in preparing in advance for that kind of thing.

The trick in risk management is in recognizing that normal is not a state of nature, but a state of transition and that trend is not destiny.

The only time you're really diversified is when you have assets you don't want to own.

I don't think volatility is an altogether irrelevant proxy for risk, even though, to a cool, dispassionate investor with a long-term time horizon, volatility is wonderful.

People spend an unbelievable amount of mental energy trying to pick what the market's going to do, what time of the year to buy it. It's just not worth it.

It's very understandable to have a quick, sizable correction, even if the fundamentals are fine.

I have lost a lot of money in some bad savings and loans. I have lost money in bad banks. And I have lost money in electronics companies. It is very easy to lose money in the stock market.

So the stock market will definitely have a correction. Everybody will say that it is the end of the world. I predict it. They will say the big one's coming.

At some point, we will have a major correction and everybody will get scared again, and we will have another buying opportunity.

I've been fully invested at the start of all the major declines and I will be fully invested in the next one. I am not a market predictor, that's for darn sure.

I think you have to invest in a way that's comfortable for you.