It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.

We've used derivatives for many, many years. I don't think derivatives are evil, per se, I think they are dangerous.

As one of my older friends says, "Nostalgia just isn't what it used to be." Let's take a stab at it, anyway.

We like to buy businesses, but we don't like to sell them.

In the world of business, the people who are most successful are those who are doing what they love.

Investors have to remember: corporate profits are going up, but stocks are going up faster. How can that continue indefinitely? Investors can only earn what companies themselves can earn; the government or the markets themselves don't kick anything in. How can you get anything more out of a farm than what it grows?

A market downturn, doesn't bother us. For us and our long term investors, it is an opportunity to increase our ownership of great companies with great management at good prices. Only for short term investors and market timers is a correction not an opportunity.