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“Of the maxims of orthodox finance none, surely, is more anti-social than the fetish of liquidity, the doctrine of that it is a positive virtue on the part of investment institutions to concentrate their resources upon the holding of 'liquid' securities. It forgets that there is no such thing as liquidity of investment for the community as a whole.”

“You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are off the map - way off the map. You may find local companies that have nothing wrong with them at all. A company that I found, Western Insurance Securities, was trading for $3/share when it was earning $20/share!! I tried to buy up as much of it as possible. No one will tell you about these businesses. You have to find them.”

“When I first raised the issue of the so-called Islamic State at the Munich Security Conference in February, speaking about its economy, its flexibility and pathology, people thought I was trying to scare them. But now we have experienced just that. If al-Qaida was version 2.0 of terror, then the Islamic State is version 5.0.”

“The Americans made the decision out of principle to buy Russian equipment for us because our pilots and mechanics were trained on Russian aircraft. But, then, as a result of the Ukraine crisis, the US Congress imposed sanctions on Russia and the equipment could no longer be delivered to us. I am proud of our security and defense forces.”

“However, if one has been playing the buy-and-hold game with quality securities, one has been exposed to a substantial amount of market risk because the valuations placed on these securities have implied overly rosy scenarios prone to popular revision in times of more realistic expectation. This is one of those times, but it is my feeling that the revisions have not been severe enough, the expectations not yet realistic enough. Hence, the world's best companies largely remain overpriced in the marketplace.”

“Sometimes markets err big time. Markets erred when they gave America Online the currency to buy Time Warner. They erred when they bet against George Soros and for the British pound. And they are erring right now by continuing to float along as if the most significant credit bubble history has ever seen does not exist. Opportunities are rare, and large opportunities on which one can put nearly unlimited capital to work at tremendous potential returns are even more rare. Selectively shorting the most problematic mortgage-backed securities in history today amounts to just such an opportunity.”

“When excesses such as lax lending standards become widespread and persist for some time, people are lulled into a false sense of security, creating an even more dangerous situation. In some cases, excesses migrate beyond regional or national borders, raising the ante for investors and governments. These excesses will eventually end, triggering a crisis at least in proportion to the degree of the excesses. Correlations between asset classes may be surprisingly high when leverage rapidly unwinds.”

“The latest trade of a security creates a dangerous illusion that its market price approximates its true value. This mirage is especially dangerous during periods of market exuberance. The concept of "private market value" as an anchor to the proper valuation of a business can also be greatly skewed during ebullient times and should always be considered with a healthy degree of skepticism.”

“The question was never whether the United States, E.U., NATO, Arab League, U.N. Security Council, and African Union could together using economic sanctions, diplomatic pressure, and military attacks to bring Qaddafi down. The question was always how much time, how much blood, and what damage to NATO.”

“The population becomes the internal enemy. Any sign of life, of protest, or even mere doubt, is a dangerous challenge from the standpoint of military doctrine and national security. So complicated mechanisms of prevention adn punishment have been developed ... To operate effectively, the repression must appear arbitrary. Apart from breathing, any human activity can constitute a crime ... State terrorism aims to paralyze the population with fear.”

“I would like to suggest to you that the extent to which government in America has departed from the original design of in habiting the destructive actions of man and invoking a common justice; the extent to which government has invaded the productive and creative areas; the extent to which the government in this country has assumed the responsibility for the security, welfare, and prosperity of our people is a measure of the extent to which socialism has developed here in this land of ours.”

“"[Lawyers who file class-action securities suits] is not a group you would want to marry into your family. "That said, more than half the time the people being sued by the Lerach firm are guilty of outrageous conduct. The problem is, they don't mind (suing) the other half. They are an equal opportunity litigator."”

“And from the first moment that I ever walked on stage in front of a darkened auditorium with a couple of hundred people sitting there, I was never afraid, I was never fearful, I didn't suffer from stage fright, because I felt so safe on that stage. I wasn't Patrick Stewart, I wasn't in the environment that frightened me, I was pretending to be someone else, and I liked the other people I pretended to be. So I felt nothing but security for being on stage. And I think that's what drew me to this strange job of playing make-believe.”

“Sometimes, when asked the what-do-you-do question, it occurs to me to say that I work for the government. I have a government job, essential to national security. I AM A CITIZEN. Like the Supreme Court judges, my job is for life, and the well-being of my country depends on me. It seems fair to think that I should be held accountable for my record in the same way I expect accountability from those who seek elected office. I would like to be able to say that I can stand on my record and am proud of it.”

“Through scientific discovery and technological innovation, we enlist the forces of the natural world to solve many of the uniquely human problems we face - feeding and providing energy to agrowing population, improving human health, taking responsibility for protecting the environment and the global ecosystem, and ensuring our own Nation's security. Scientific discoveries inspire and enrich us, teaching us about the mysteries of life and the nature of the world.”