"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 performers are expected to be only as good as a low-cost passive index fund. The other 97% can be expected to do worse."

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

"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."

"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."

"Governments are mandated by international law to protect people from genocide."

"Again, in Wag the Dog, war has to be declared by an act of congress. But if you go to war, you don't have to declare war. You're just at war and we did that, which is not legal."

"As an adoptive parent myself of foster children, I have seen firsthand the glaring problems of the system currently facing this Nation."

"I find I go in airports anywhere in the country, and someone's always coming up to me and saying 'Hey, you're at my country club in Dubuque, right?' You know, because they kind of know my face, but they don't know why."