Wells Fargo behaves better than the average big bank. But nobody's perfect.

In fact I've probably never seen such a wide moat.

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

Being short and seeing a promoter take the stock up is very irritating. It's not worth it to have that much irritation in your life.

I think the reason why we got into such idiocy in investment management is best illustrated by a story that I tell about the guy who sold fishing tackle. I asked him, "My God, they're purple and green. Do fish really take these lures?" And he said, "Mister, I don't sell to fish." Investment managers are in the position of that fishing tackle salesman.

The general systems of money management [today] require people to pretend to do something they can't do and like something they don't. It's a terrible way to spend your life, but it's very well paid.

A few major opportunities, clearly recognizable as such, will usually come to one who continuously searches and waits, with a curious mind, loving diagnosis involving multiple variables. And then all that is required is a willingness to bet heavily when the odds are extremely favorable, using resources available as a result of prudence and patience in the past.