The world is looking to us for leadership. We have provided it in the past; the main reason why anti-American feelings are so strong in the world today is that we are not providing it in the present.

If investing is entertaining, if you're having fun, you're probably not making any money. Good investing is boring.

The main difference between me and other people who have amassed this kind of money is that I am primarily interested in ideas, and I don't have much personal use for money.

America felt victorious and generous after World War II. They had also learned from the mistakes after World War I when they imposed punishment on Germany. What became of Germany? A Nazi dictatorship which threatened the world. Today's Germany doesn't feel as prosperous and generous as America then. But actually, Germany still is very prosperous.

Investors operate with limited funds and intelligence, they do not need to know everything. As long as they understand something better than others, they have an edge.

The worse a situation becomes the less it takes to turn it around, the bigger the upside.

I contend that financial markets never reflect the underlying reality accurately; they always distort it in some way or another and the distortions find expression in market prices. Those distortions can, occasionally, find ways to affect the fundamentals that market prices are supposed to reflect.