The truth is, everything that has happened in my life... that I thought was a crushing event at the time, has turned out for the better.

Investment philosophy is the clear understanding that by owning shares of stocks he owns businesses, not pieces of paper.

What you really want to do in investments is figure out what's important and knowable. If it's unimportant or unknowable you forget about it.

With housing it's something even more dramatic than that, because most people aspire to own their own home.If you really think that houses prices are going to go up next year and the year after, you feel if I don't buy it this year, I'm going to have to buy it next year.That's not true of an Internet stock. But it's true of a home.

If you look at the Forbes 400, they are paying a lower rate, accounting payroll taxes, than their secretary or - whomever around their office.

Asset values and earning power are the dominant factors affecting the valuation of a controlling interest in a business. Market price, which governs valuation of minority interest positions, is of little or no importance in valuing a controlling interest.

I think it will get moving faster. I mean once you get it off the - once credit flows - now the recession is going to get worse.