I believe that we are at or near the apex of a great civilization... In 50-100 years, if we're a poor third to some countries in Asia, I wouldn't be surprised. If I had to bet, the part of the world that will do best will be Asia.

In my life there are not that many questions I can't properly deal with using my $40 adding machine and dog-eared compound interest table.

I would argue that a majority of the horrors we face would not have happened if the accounting profession developed and enforced better accounting.

There's more honor in investment management than in investment banking.

Intelligent people make decisions based on opportunity costs.

...all man's desired geometric progressions, if a high rate of growth is chosen, at last come to grief on a finite earth. And the social system for man on earth is fair enough, eventually, that almost all massive cheating ends in disgrace.

The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It's just that simple.