A lot of share-buying, not bargain-seeking, is designed to prop stock prices up. Thirty to 40 years ago, it was very profitable to look at companies that were aggressively buying their own shares. They were motivated simply to buy below what it was worth.

See's candy company was the first high-quality business we ever bought.

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

If you don't allow for self-serving bias in the conduct of others, you are, again, a fool.

Accounting incomes were reduced by discrepancy [ but] "the net amount paid by lawyers for lawyerly discrepancy is close to zippo. In this case, the goddess of justice was blind.

A rough rule in life is that an organization foolish in one way in dealing with a complex system is all too likely to be foolish in another.

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