The tax code gives you an enormous advantage if you can find some things you can just sit with.

I'd say 3/4 of advertising works on pure Pavlov. Think how association, pure association, works. Take Coca-Cola company (we're the biggest share-holder). They want to be associated with every wonderful image: heroics in the Olympics, wonderful music, you name it. They don't want to be associated with presidents' funerals and so-forth.

Financial institutions make us nervous when they're trying to do well.

Knowing what you don't know is more useful than being brilliant.

A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business

I regard the amount of brainpower going into money management as a national scandal. When some idiot would get rich, they'd say, 'Well, old Charlie was out in the field playing the big brass tuba on the day it rained gold.' A lot of people have become rich lately who were playing the tuba on the day it rained gold.

We don't like trading agony for money