We have usually made our best purchases when apprehensions about some macro event were at a peak. Fear is the foe of the faddist, but the friend of the fundamentalist.

There are 309 million people out there that are trying to improve their lot in life. And we've got a system that allows them to do it.

Lethargy, bordering on sloth should remain the cornerstone of an investment style.

Larger sums may be an advantage at some cases and a disadvantage at others.

You don't want 300 million Americans putting their money under the mattress.

Don't risk what is important to you, to get what is not important to you.

In an inflationary world, a toll bridge (like company) would be a great thing to own because you've laid out the capital costs. You built it in old dollars and you don't have to keep replacing it.