The tradition of always looking for the answer in the most fundamental way available - that is a great tradition, and it saves a lot of time in this world.

One could imagine a period like Japan13 years ago, however, in which indexing over time wouldn't work.

The general culture of investment banking has deteriorated over the years. We did a $6 million deal years ago for Diversified Retailing and we were rigorously and intelligently screened. They bankers cared and wanted to protect their clients. The culture now is that anything that can be sold for a profit will be. 'Can you sell it?' is the moral test, and that's not an adequate test.

If (investing) weren't a little difficult, everybody would be rich.

The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don't. It's just that simple.

It would be easier to screw up American Express than Coke or Gillette, but it's an immensely strong business.

Proper accounting is like engineering. You need a margin of safety. Thank God we don't design bridges and airplanes the way we do accounting.