All intelligent investing is value investing - acquiring more that you are paying for. You must value the business in order to value the stock.

There's a lot wrong [with American universities]. I'd remove 3/4 of the faculty - everything but the hard sciences. But nobody's going to do that, so we'll have to live with the defects. It's amazing how wrongheaded [the teaching is]. There is fatal disconnectedness. You have these squirrelly people in each department who don't see the big picture.

It's natural that you'd have more brains going into money management. There are so many huge incomes in money management and investment banking - it's like ants to sugar. There are huge incentives for a man to take up money management as opposed to, say, physics, and it's a lot easier.

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and selling securities by reference to intrinsic value instead of price momentum - I don't think that will ever be outdated.

It would be nice if this [finding really cheap stocks] happened all the time. Unfortunately, it doesn't.

I won’t bet $100 against house odds between now and the grave.

It's human nature to extrapolate the recent past into the future, but it's terrible that managements go along with this.