I think we have some special talents. That being said, I think it's dangerous to rely on special talents - it's better to own lots of monopolistic businesses with unregulated prices. But that's not the world today. We have made money exercising our talents and will continue to do so.

In my life there are not that many questions I can't properly deal with using my $40 adding machine and dog-eared compound interest table.

The only way to win is to work, work, work, work, and hope to have a few insights

I try to get rid of people who always confidently answer questions about which they don't have any real knowledge.

There is bound to be a regression toward the mean.

For years I have read the morning paper and harrumphed. There's a lot to harrumph about now.

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.