When you listen to tax-cut rhetoric, remember that giving one class of taxpayer a break requires - now or down the line - that an equivalent burden be imposed on other parties. In other words, if I get a break, someone else pays. Government can't deliver a free lunch to the country as a whole. It can however, determine who pays for lunch.

The active investors will have their returns diminished by a far greater percentage than will their inactive brethren. That means that the passive group - the "know-nothings" - must win.

I think that trying to invest through 535 people is a tough job, you know, and so I would give more latitude.

What's nice about investing is you don't have to swing at every pitch.

Buy companies with strong histories of profitability and with a dominant business franchise.

The most common cause of low prices is pessimism - sometimes pervasive, sometimes specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces.

The obligation of a society as prosperous as ours is to figure out how nobody gets left too far behind.