You'll find many markets where bottlers of Pepsi and Coke both make a lot of money and many others where they destroy most of the profitability of the two franchises. That must get down to the peculiarities of individual adjustment to market capitalism. I think you 'd have to know the people involved to fully understand what was happening.

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

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 try to get rid of people who always confidently answer questions about which they don't have any real knowledge.

A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.

We tend to buy things - a lot of things - where we don't know exactly what will happen, but the outcome will be decent.

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and selling securities by reference to intrinsic value instead of price momentum - I don't think that will ever be outdated.