The weakest part of the market is the portfolio managers, ... (They) stopped buying and started selling.

if you're dumb enough to buy it i'm smart enough to sell it to you.

If stock market experts were so expert, they would be buying stock, not selling advice.

It started in the bond market which has been selling off aggressively in recent days,

We started off in the Oak Hill Flea Market, about 1988, selling just about everything, but after a short period of time we found that books sold best. After a while we just got too big for the flea market and since my wife and I always loved books and reading, the natural progression was for us to open a bookstore.

My opinion is we're seeing market liquidations of many of the former high-flying Internet stocks, ... A lot of the stocks are down. Margin calls happen when stocks decline by more than 35 percent. And we're seeing more than 35-percent declines in many former high flyers.