“We are selling dreams. We are merchants of happiness.”

You can never predict how market will react. You can model it. You may try to predict it, but weather and markets and risk, only God knows because only he has seen tomorrow.

If you have a company called x and today you feel the price is very high. Next year it could perform very well but the price may not perform. So in the stock market what happens is buy on the rumor, sell on the news.

Markets go up not because there is abundance of buyers, but because there is a lack of sellers.

We must not always talk in the market-place of what happens to us in the forest.

Insurance, pension reforms are going to be extremely important for the stock market because the kind of money we’ll get from that is unbelievable.

Bull markets have valuation froth and bull markets have commitment forth. Now just by valuation froth, bull markets do not end.

I do not do any trading internationally.

In commodities, when prices go up, demand goes down. In stocks, when prices go up, demand goes up.