The borrowers will always be willing to take a great deal for themselves. It’s up to the lenders to show restraint, and when they lose it, watch out.

Everything I do in investment is just very different.

Read every line item until you get it.

The late 90s almost forced me to identify myself as a value investor, because I thought what everybody else was doing was insane.

I just really like to find my own ideas.

Early on, people invested in me because of my letters and then, somehow, after they invested, they stopped reading them.

I hated discussing ideas with investors, because then I become a Defender of the Idea, and that influences your thought process.