The basic concept of value to a private owner and being motivated when you're buying and selling securities by reference to intrinsic value instead of price momentum - I don't think that will ever be outdated.
I'm pretty conservative when it comes to money. My parents were very working class and constantly working. There was always a very strong work ethic and that's put a more conservative, "save for a rainy day" mentality into me.
The kind of group mentality that we had lived under since the Second World War is starting to erupt, and the craving for individualism is now much stronger. It's not as taboo anymore, as it was when I was younger.
The overall similarity is probably in the mentality of law enforcement officers. There's a sense of wanting to really uphold a sense of morality and make sure that the laws are enforced to the letter, whenever possible.
The Internet bubble circa 2000 is the most extreme in modern capitalism. In the 1930s, we had the worst depression in 600 years. Today is almost as extreme in the opposite way.
In the 1930s, there was a stretch where you could borrow more against the real estate than you could sell it for. I think that's what's going on in today's private-equity world.
If you turn on the television, you'll find the mothers of the most obvious criminals that man could ever diagnose, and they all think their sons are innocent. That's simple psychological denial. The reality is too painful to bear, so you just distort it until it's bearable. We all do that to some extent, and it's a common psychological misjudgment that causes terrible problems.
You don't want to be like the motion picture exec who had so many people at his funeral, but they were there just make sure he was dead. Or how about the guy who, at his funeral, the priest said, "Won't anyone stand up and say anything nice for the deceased?" and finally someone said, "Well, his brother was worse.