"Serious protectionism could turn the good deflation of excess supply I've been forecasting into the bad deflation of deficient demand. Let's hope that policymakers recall what protectionism and deflation did to the world economy in the 1930s ... Regardless of intentions, it's ultimately the enemy of jobs, the economy, profits and stocks."

"Byron Wien made an impassioned presentation of the bull case for the US currency, but there were no takers ... there was considerable interest in gold -- more so than I have seen at any year in this conference."

"... the real problem with mutual-fund managers isn't their dishonesty. It's their incompetence ... The millions of dollars that mutual funds have, in effect, stolen from their small customers are dwarfed by the billions they have wasted for them ... There is no need to enter into an argument about market efficiency to win an argument about the idiocy of investing in mutual funds. No matter how you slice the numbers, you wind up with the same conclusion: the mutual-fund industry has been lucrative mainly for the people who work for mutual funds. "

"You have put behind you what happened yesterday. If it was a good day, forget about it. If it was a bad day, forget about it."

"Understand it probably takes two or three years before you can figure out what you're doing, get a comfort and confidence level, and have familiarity with the markets. You have to have some patience."

"A lot of people try to out-think the market. They try and intellectualize and try to get too smart. They try to figure out all these scenarios. You shouldn't think too much during the trading day. You should just watch and see what the market is doing. Don't try to outsmart the market -- or that is going to backfire on you. Keep it real simple."

"I'm not interested in where it's going to be tomorrow or a week from now. Don't ever get into trying to determine valuation levels. That's a trap. To me, current price is everything. I'm more interested in which direction the impulse is moving. Which direction is the market moving with the greatest momentum. I'd rather see it tip its hand and see it break, then jump on board on the first little pause, as opposed to picking exactly where it's going to turn."