When I take a look at a company's annual report, if I don't understand it, they don't want me to understand it.

We set no volume goals in our insurance business generally-and certainly not in reinsurance-as virtually any volume can be achieved if profitability standards are ignored.

Turnarounds seldom turn.

Intensity is the price of excellence.

I never invest in anything that I don't understand.

I bought my first stock in 1942, in the summer of '42. I was 11 years old. And so 75 years have gone by. And I have never known what the market's going to do the next day. And that's not my game. My game is to decide whether I'm in the right economy, which America's definitely been ever since that time. The Dow has gone from 100 to 21,000 during that time. And no matter what the headlines say, or terrible things are happening - we were losing the war in the Pacific when I first bought stocks.

The most dangerous distractions are the ones you love, but that don’t love you back.