There are two kinds of businesses: The first earns 12%, and you can take it out at the end of the year. The second earns 12%, but all the excess cash must be reinvested - there's never any cash. It reminds me of the guy who looks at all of his equipment and says, 'There's all of my profit.' We hate that kind of business.

Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.

It takes character to sit there with all that cash and do nothing. I didn't get to where I am by going after mediocre opportunities.

No wise pilot, no matter how great his talent and experience, fails to use his checklist.

Just keep your head down and do your best.

Someone will always be getting richer faster than you. This is not a tragedy.

If mutual fund directors are independent, then I'm the lead character in the Bolshoi Ballet.