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

I think a lot of funds get their ideas from Wall Street. I just like to find my own ideas. I read a lot. A lot of news. I just follow my nose. A lot of times it's a dead end, but sometimes there's value there.

I have always believed that a single talented analyst, working very hard, can cover an amazing amount of investment landscape, and this belief remains unchallenged in my mind.

It is ludicrous to believe that asset bubbles can only be recognized in hindsight.

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.

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