Never risk what you have and need for what we don't have and don't need.

I think any time you couple the term "Wall Street" with "bailout" or something like that, you know - I don't like what's going on in Wall Street.

Lethargy bordering on sloth remains the cornerstone of our investment style. The exception was Wells Fargo, a superbly-managed, high-return banking operation in which we increased our ownership to just under 10%, the most we can own without the approval of the Federal Reserve Board.

None of this means, however, that a business or stock is an intelligent purchase simply because it is unpopular; a contrarian approach is just as foolish as a follow-the-crowd strategy. What's required is thinking rather than polling. Unfortunately, Bertrand Russell's observation about life in general applies with unusual force in the financial world: "Most men would rather die than think. Many do."

I'm putting all my money in the Chinese toy market.

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

We've got all the ingredients for a sensational future.