In life and business, there are two cardinal sins, the first is to act precipitously without thought, and the second is to not act at all. Unfortunately the board of directors and top management of Times Warner already committed the first sin by merging with AOL, and we believe they are currently in the process of committing the second; now is not a time to move slowly and suffer the paralysis of inaction.

When most investors, including the pros, all agree on something, they're usually wrong.

My wife watches me like a hawk.

We're not about liquidating companies, but if you do that, why is that terrible? We're not blowing up the factories. The person who buys it should be able to make the asset more productive.

Don't confuse luck with skill when judging others, and especially when judging yourself.

I'm no robin hood, I enjoy making the money.

With some exceptions, the wrong people are running U.S. companies. It's been that way for years, and it hasn't gotten much better.