Mr. Market is your servant, not your guide.

That goes back to 1932, although it was really implemented in '33 under Jesse Jones, and it invested in mostly banks initially and preferred stock and that sort of thing. So there are two things needed in the system, the one that's needed overwhelmingly is liquidity. I mean, when people are trying to [unintelligible], there has to be somebody there to buy.

A fool and his money are soon invited everywhere.

Activity is the enemy of investment returns.

The dumbest reason in the world to buy a stock is because it's going up.

There are all kinds of businesses that Charlie and I don't understand, but that doesn't cause us to stay up at night. It just means we go on to the next one, and that's what the individual investor should do.

A public-opinion poll is no substitute for thought.