Modern agriculture has been accurately described as a way of turning oil into food. As the price of oil continues to rise, so will the price of food.

Think how weird profit margins are: We've got high unemployment and financial crises - and world record profit margins. People think the American market is very cheap. We don't. The market quite incorrectly gives full credit to today's earnings.

You don't actually find a strong correlation between- top-line GDP growth and making money in the market. It- it seems like you should. The fastest-growing countries should give you the highest return. They simply don't. But, there's only four of us- that- that believe that story. Everyone else in the world believes that if you grow fast like China, you'll outperform in the stock market.

You can't run the economy on BMWs alone. If the average person is in a pickle, how do you have a healthy economy?

I believe the only things that really matter in investing are the bubbles and the busts

At least us old men remember what a real bear market is like, and the young men haven't got a clue.

The pure administration of Graham-and-Doddery really needs a long-term lock-up like Warren Buffett has, or it will have occasional quite dreadful client problems.