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

I am out of step with present conditions. When the game is no longer played your way, it is only human to say the new approach is all wrong, bound to lead to trouble, and so on. On one point, however, I am clear. I will not abandon a previous approach whose logic I understand ( although I find it difficult to apply ) even though it may mean foregoing large, and apparently easy, profits to embrace an approach which I don't fully understand, have not practiced successfully, and which possibly could lead to substantial permanent loss of capital.

If anything, taxes for the lower and middle class and maybe even the upper-middle class should even probably be cut further. But I think that people at the high end - people like myself - should be paying a lot more in taxes. We have it better than we've ever had it.

The stockmarket is a semi-psychotic creature given to extremes of elation and despair.

We've had public companies in the past in that business and they bleed. We've got a lot more blood than they do.

Chains of habit are too light to be felt until they are too heavy to be broken.

The ideal business is one that earns very high returns on capital and that keeps using lots of capital at those high returns. That becomes a compounding machine.