There is no staff. I make all the investment decisions and I do all my own analysis.

If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy.

If you don't make mistakes you can't make decisions.

The stockmarket is a semi-psychotic creature given to extremes of elation and despair.

Does management resist the institutional imperative?

Shares are not mere pieces of paper. They represent part ownership of a business. So, when contemplating an investment, think like a prospective owner.

Lethargy bordering on sloth remains the cornerstone of our investment style. The exception was Wells Fargo, a superbly-managed, high-return banking operation in which we increased our ownership to just under 10%, the most we can own without the approval of the Federal Reserve Board.