I wouldn't want to manufacture cigarettes. But if I owned - we do own Costco. Do they sell them? Yes. So I don't have a problem owning stock in that. But I just wouldn't want to - I wouldn't want to do it myself. I basically think, if anything is sufficiently antisocial, society should do something about it. But that's a separate question. But - and I don't think there's any company that I have seen that's 100 percent pure.

Knowing the edge of your competency is important. If you think you know more than you do, you will get in trouble.

Money is not everything. Make sure you earn a lot before speaking such nonsense.

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

A stock doesn't know that you own it.

If AIG had tried to unwind their derivatives books. I don't know. It would have hit every institution in the world.

The best way in my view is to just buy a low-cost index fund and keep buying it regularly over time, because you'll be buying into a wonderful industry, which in effect is all of American industry... People ought to sit back and relax and keep accumulating over time.