"People are always asking me where is the outlook good, but that's the wrong question.... The right question is: Where is the outlook the most miserable? In almost every activity of normal life people try to go where the outlook is best.... But my contention is if you're selecting publicly traded investments, you have to do the opposite. You're trying to buy a share at the lowest possible price in relation to what that corporation is worth. And there's only one reason a share goes to a bargain price: Because other people are selling. There is no other reason.... To get a bargain price, you've got to look for where the public is most frightened and pessimistic.... The art of successful investment is counterintuitive. The time to buy is when everyone is scared and you are a bit scared yourself."

"Echoing the almost rabid entrepreneurialism at these companies, time and time again we encountered individuals, both on the street and in business meetings, who spoke with fierce determination about 'being number one' or 'being the best' regardless of their circumstances. Even when I was 'taken' by a local pedi-cab entrepreneur in Tiananmen Square, I felt some odd sense of appreciation for his efforts."