Is there such thing as a cheerful pessimist? That's what I am.

It's human nature to extrapolate the recent past into the future, but it's terrible that managements go along with this.

Missing out on some opportunity never bothers us. What's wrong with someone getting a little richer than you? It's crazy to worry about this.

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.

I don't want to understand Facebook.

We both (Charlie Munger and Warren Buffett) insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think.

I know just enough about thermodynamics to understand that if it takes too much fossil-fuel energy to create ethanol, that's a very stupid way to solve an energy problem.