In my opinion, the entire field of investment management, involving hundreds of billions of dollars, would be more satisfactorily conducted if everyone had a good yardstick for measurement of ability and sensibly applied it.

In my opinion, the entire field of investment management, involving hundreds of billions of dollars, would be more satisfactorily conducted if everyone had a good yardstick for measurement of ability and sensibly applied it.

Diversification may preserve wealth, but concentration builds wealth.

The patient that's on the floor with the cardiac arrest is not Wall Street. It's the American economy.

If you own the only newspaper in town, up until the last five years or so, you have pricing power and you didn't have to go to the office.

The financial calculus that Charlie and I employ would never permit our trading a good night's sleep for a shot at a few extra percentage points of return. I've never believed in risking what my friends and family have and need in order to pursue what they don't have and don't need.

When you combine ignorance and leverage, you get some pretty interesting results.