Everything I do in investment is just very different.

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

In essence, the stock market represents three separate categories of business. They are, adjusted for inflation, those with shrinking intrinsic value, those with approximately stable intrinsic value, and those with steadily growing intrinsic value. The preference, always, would be to buy a long-term franchise at a substantial discount from growing intrinsic value.

Everything I do in investment is just very different.

My positioning with my investors was always, I need three to five years.

If you are going to be a great investor, you have to fit the style to who you are.

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.