As of 1992, in fact-though the picture would have improved since then-the money that had been made since the dawn of aviation by all of this country's airline companies was zero. Absolutely zero.

What we learn from history is that people don't learn from history.

In economics, you always want to ask 'And then what?'

Lethargy, bordering on sloth should remain the cornerstone of an investment style.

We don't have to be smarter than the rest. We have to be more disciplined than the rest.

When Berkshire Hathaway laid out three billion dollars for GE today, we didn't spend it, we invested it. When the Federal government buys the mortgages, they're not spending it, they're investing it. Now, they're investing it in distress type assets but they're buying them at distress prices if they buy them at market. It's the kind of stuff I love to do. I just don't have 700 million. Maybe we could go in it together.

If you do smart things and use leverage and do one wrong thing along the way, it could wipe you out, because anything times zero is zero. But it's reinforcing when the people around you are doing it successfully, you're doing it successfully, and it's a lot like Cinderella at the ball.