If you can't find the next McDonald's, I'll find the next McDonald's. But it's vital to be with people who with looking for 'em, because they do exist. They are created.

The danger that we have right now are people who get the same information as I do and, therefore, think they'll reach the same conclusions that haven't traded as long, don't have bear claws up and down their backs like I do.

You have a class of investors and you have a class of speculators. The speculators historically haven't been big enough to cause the investors to doubt the long-term vision of stock.

Funny, but after trading for more than 15 years, I still am capable of forgetting a cardinal rule: The paper you own, in the end, will be intertwined with the fate of the 30-year bond.

When people ask me how I was able to make so much money in the market during a 20-year period, I would always say I did it off the misunderstandings of others.

I made a small fortune. I made a lot of money and I made a lot of other people wealthy.

The people who are buying stocks because they're going up and they don't know what they do, deserve to lose money.