The dominant factors affecting control valuations are earning power (past and prospective) and asset values.

In the end we must have people to match our principles, not the reverse.

So some guy may know how to make money in cocoa beans, but I don't so I just let him have that. But it's got to be something I understand. It's got to be a business with fundamentally good economics. It's got to be a management that I like and trust and admire. And it's got to be a price that makes sense.

People went crazy with tulip bulbs. They went crazy with the South Sea Bubble, they went crazy internet stocks, they went crazy with the uranium stocks back when I was first getting started.

It's better to hang out with people better than you. Pick out associates whose behavior is better than yours and you'll drift in that direction.

I find that the standard of living does not go up in proportion with the cost of living. The trick in life is to do things that are fun all the time.

I don't like what's going on with the executive compensation.