You must know the big ideas in the big disciplines, and use them routinely - all of them, not just a few. Most people are trained in one model - economics, for example - and try to solve all problems in one way. You know the old saying: to the man with a hammer, the world looks like a nail. This is a dumb way of handling problems.

It would be nice if this [finding really cheap stocks] happened all the time. Unfortunately, it doesn't.

The game is to keep learning, and I don't think people are going to keep learning who don't like the learning process.

No wise pilot, no matter how great his talent and experience, fails to use his checklist.

Anyone with an engineering frame of mind will look at [accounting standards] and want to throw up.

The liabilities are always 100 percent good. It's the assets you have to worry about.

It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.