There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back.

I think liberal art faculties at major universities have views that are not very sound, at least on public policy issues - they may know a lot of French however.

So you can get very remarkable investment results if you think more like a winning pari-mutuel player. Just think of it as a heavy odds against game full of craziness with an occasional mispriced something or other. And you're probably not going to be smart enough to find thousands in a lifetime. And when you get a few, you really load up. It's just that simple.

It's dangerous to short stocks.

We have never had the will to enforce the immigration laws. What you see is what you'll continue to get.

I think there's something to be said for developing the disposition to own stocks without fretting.

We have a passion for keeping things simple.