Failure comes from ego, greed, envy, fear, imitation. I have success not because I am smart, but because I am rational.

The dominant factors affecting control valuations are earning power (past and prospective) and asset values.

We have long felt that the only value of stock forecasters is to make fortune-tellers look good.

You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are off the map - way off the map.

At this point, when treasury bills, seven day treasury bills at 1/20th of one percent, it's not because people want to earn 1/20th of one percent, it's because they trust the fact the treasury will give it back to them next week.

If you want to soar like an eagle in life, you can't be flocking with the turkeys.

Our approach is very much profiting from lack of change rather than from change. With Wrigley chewing gum, it's the lack of change that appeals to me. I don't think it is going to be hurt by the Internet. That's the kind of business I like.