We've long felt that the only value of stock forecasters is to make fortune tellers look good. Even now, Charlie and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children.

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

I think once you start putting phony figures into financial statements, you get in a lot of trouble. And we've seen so much of that in the last 20 years.

The big question about how people behave is whether they've got an Inner Scorecard or an Outer Scorecard. It helps if you can be satisfied with an Inner Scorecard.

If a business does well, the stock eventually follows.

Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.

We do not have, nor have had, and never will have an opinion about where the stock market, interest rates, or business activity will be a year from now.