Show me the incentive and I will show you the outcome

Invert, always invert.

Where you have complexity, by nature you can have fraud and mistakes. You'll have more of that than in a company that shovels sand from a river and sells it. This will always be true of financial companies, including ones run by governments. If you want accurate numbers from financial companies, you're in the wrong world.

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

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.

We're the tortoise that has outrun the hare because it chose the easy predictions.

I have concluded that most PhD economists under appraise the power of the common-stock-based "wealth effect," under current extreme conditions... "Wealth effects" involve mathematical puzzles that are not nearly so well worked out as physics theories and never can be... What has happened in Japan over roughly the last ten years has shaken up academic economics, as it obviously should, creating strong worries about recession from "wealth effects" in reverse.