When I hear [about a housing bubble] I get the sense that people aren't connecting the dots.
In the stock market (as in much of life), the beginning of wisdom is admitting your ignorance. One of the many things you cannot know about stocks is exactly when they will up or go down. Over the long term, stocks generally rise at a nice pace. History shows they double in value every seven years or so. But in the short term, stocks are just plain wild. Over periods of days, weeks and months, no one has any idea what they will do. Still, nearly all investors think they are smart enough to divine such short-term movements. This hubris frequently gets them into trouble.
To a normal person, $10 million will seem like enough. But anyone who thinks that's enough is not the type that can acquire that much in the first place.
I think that the United States should be the leader, not only militarily. We need to stand for freedom; we need to stand for justice in the world, because there aren't too many countries that do.
I don't worry about new home sales
These long-run worries, there's an element of truth to them, but I think frankly the fears are exaggerated.
![When I hear [about a housing bubble] I get the sense that people aren't connecting the dots.](http://cdn.quoteddaily.com/images/james-k-glassman/when-i-hear-about-a-housing-bubble-i-get-the-sense-that-people-arent-connecting-the-dots.jpg)
