The liabilities are always 100 percent good. It's the assets you have to worry about.

The normal expectancy of the average investor - for example, the pension funds of AT&T or IBM - is 6% for a long time.

When you mix raisins and turds, you've still got turds.

It's hard to predict what will happen with two brands in a market. Sometimes they will behave in a gentlemanly way, and sometimes they'll pound each other. I know of no way to predict whether they'll compete moderately or to the death. If you could figure it out, you could make a lot of money.

I'm not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I am qualified to speak only when I've reached that state.

We’re partial to putting out large amounts of money where we won’t have to make another decision.

It's in the nature of stock markets to go way down from time to time. There's no system to avoid bad markets. You can't do it unless you try to time the market, which is a seriously dumb thing to do. Conservative investing with steady savings without expecting miracles is the way to go.