A director who gets $150,000 per year from a company and needs the money is not independent.

Fixable but unfixed bad performance is bad character and tends to create more of itself, causing more damage to the excuse giver with each tolerated instance.

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.

We try more to profit from always remembering the obvious than from grasping the esoteric.

Don't do cocaine. Don't race trains. And avoid AIDS situations.

I agree with Peter Drucker that the culture and legal systems of the United Statesare especially favorable to shareholder interests, compared to other interests and compared to most other countries. Indeed, there are many other countries where any good going to public shareholders has a very low priority and almost every other constituency stands higher in line.

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