In an efficient market, at any point in time, the actual price of a security will be a good estimate of its intrinsic value.

Economies typically do not function well in hyperinflation. The real value of government debt might disappear, but the economy is likely to disappear with it.

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.

Until we receive more information from the company, we tentatively estimate the intrinsic value of Sears' stock at between $36 and $42 a share.

People are always saying that prices are too high. When they turn out to be right, we anoint them. When they turn out to be wrong, we ignore them. They are typically right and wrong about half the time.

Debates go on to this day about what caused the Great Depression. Economics is not very good at explaining swings in economic activity.