Average investors can become experts in their own field and can pick winning stocks as effectively as Wall Street professionals by doing just a little research.

We believe that according the name 'investors' to institutions that trade actively is like calling someone who repeatedly engages in one-night stands a 'romantic.'

The grim irony of investing is that we investors as a group not only don't get what we pay for, we get precisely what we don't pay for.

In other words, the percentage change in book value in any given year is likely to be reasonably close to that year's change in intrinsic value.

I do not understand where the backing of Bitcoin is coming from. There is no fundamental issue of capabilities of repaying it in anything which is universally acceptable, which is either intrinsic value of the currency or the credit or trust of the individual who is issuing the money, whether it's a government or an individual.

Investors have few spare tires left. Think of the image of a car on a bumpy road to an uncertain destination that has already used up its spare tire. The cash reserves of people have been eaten up by the recent market volatility.