Intelligent people make decisions based on opportunity costs.

Litigation is notoriously time-consuming, inefficient, costly and unpredictable.

I've been associated with Warren ( Buffett) so long, I thought I'd be just a footnote.

The cash register did more for human morality than the Congregational Church. It was a really powerful phenomenon to make an economic system work better, just as, in reverse, a system that can be easily defrauded ruins a civilization. A system that's very hard to defraud, like a cash register, helped the economic performance of a civilization by reducing vice, but very few people within economics talk about it in those terms.

The investment game is getting more and more competitive.

... some important factor doesn't lose its "share of force" just because some "expert" can better measure other types of force.

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.