The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It's just that simple.

Of course I'm troubled by huge consumer debt levels - we've pushed consumer credit very hard in the US. Eventually, if it keeps growing, it will stop growing. As Herb Stein said, "If something cannot go on forever, it will stop." When it stops, it may be unpleasant. Other than Herb Stein's quote, I have no comment. But the things that trouble you are troubling me.

It's not supposed to be easy. Anyone who finds it easy is stupid.

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

Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won.

Everybody engaged in complex work needs colleagues. Just the discipline of having to put your thoughts in order with somebody else is a very useful thing.”

Just as a man working with his tools should know its limitations, a man working with his cognitive apparatus must know its limitations.