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“There are a few investment managers, of course, who are very good - though in the short run, it's difficult to determine whether a great record is due to luck or talent. Most advisors, however, are far better at generating high fees than they are at generating high returns. In truth, their core competence is salesmanship. Rather than listen to their siren songs, investors - large and small - should instead read Jack Bogle's The Little Book of Common Sense Investing.”

“The United States does not have a very good record in the Middle East. I think they have the best of intentions but I think the problem is that it's very difficult from Washington, or from Iowa or Nebraska to understand what is happening in this crazy part of the world. In some cases US diplomacy has been somewhat naive.”