If you can tell me who your heroes are, I can tell you how you're going to turn out in life.

If I got any good ideas out of that or I think they're good ideas, I'll be glad to contribute them but the system will probably overdo some other things.

I think the FDIC was one of the great inventions of the American.

Calculate "owner earnings" to get a true reflection of value.

I mean, if Pearl Harbor came along, you could have said the planning was wrong by the military ahead of time or maybe the battleships shouldn't have all been in the harbor and all that kind of thing.

What an investor needs is the ability to correctly evaluate selected businesses. Note that word “selected”: You don't have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital.

What's going to happen - things we're doing are going to have some inflationary consequences.