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My advice to the average investor in 1988 is to be patient and think long-term. It will take 18 months for confidence to get better and, in the meantime, this is absolutely no place for short-term money.

The markets are much more interested in America's long-term trajectory than they are in feeling that there is an acute short-term crisis.

I believe that the market is slowly waking up to the fact that the Federal Reserve is a clueless organization. They have no idea what they're doing. And so the confidence level of investors is diminishing, in my view.

I've learned there's a big difference between a long-focused value investor and a good short-seller. That difference is psychological and I think it falls into the realm of behavioral finance.

I think businesses live longer that are on the stock market.

Our goal is not to produce immediate results. We've been tasked with producing long-term results. That means that there's more risk in any individual thing we take on. But we still aspire to a strong return on investment.

The dominance of short-term perspectives has led to routine decisions in the markets that sacrifice the long-term buildup of genuine value in pursuit of artificial, short-term gains.

I've found that when the market's going down and you buy funds wisely, at some point in the future you will be happy. You won't get there by reading 'Now is the time to buy.'

I've found that when the market's going down and you buy funds wisely, at some point in the future you will be happy.

We're getting hurt, but I'm a long-term investor.