I think the notion...that liquidity is this - of tradable common stock - is a great contributor to capitalism - I think that is mostly twaddle... The liquidity gives us these crazy booms, which have many problems as well as virtues.

It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait. If you didn’t get the deferred-gratification gene, you’ve got to work very hard to overcome that.

All I want to know is where I’m going to die, so I’ll never go there

It's a rare business that doesn't have a way worse future than it has a past.

There must be some wisdom in the folk saying: Its the strong swimmers who drown.

Learn how to ignore the examples from others when they are wrong, because few skills are more worth having.

The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don't. It's just that simple.