We only want to link up with people whom we like, admire, and trust. ... We do not wish to join with managers who lack admirable qualities, no matter how attractive the prospects of their business. We've never succeeded in making a good deal with a bad person.

If you buy the things you don't need, you will soon be selling the things that you need.

I was lucky to have the right heroes. Tell me who your heroes are and I'll tell you how you'll turn out to be. The qualities of the one you admire are the traits that you, with a little practice, can make your own, and that, if practiced, will become habit forming.

Do not take yearly results too seriously. Instead, focus on four or five-year averages.

When bills come due, only cash is legal tender. Don't leave home without it.

I think what people understand there probably - well, they were hoping the private sector would do it [rescuing AIG ].

It's got to be the best intellectual exercise out there. You're seeing through new situations every ten minutes. In the stock market you don't base your decisions on what the market is doing, but on what you think is rational. Bridge is about weighing gain/loss ratios. You're doing calculations all the time.