An irresistable footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities - at full prices they couldn't buy enough of them. In 1974, after the bottom had fallen out, they committed a then record low of 21% to stocks.

I don't measure my life by the money I've made. Other people might, but certainly don't.

We don't read other people's opinions. We want to get the facts, and then think.

In other words, the percentage change in book value in any given year is likely to be reasonably close to that year's change in intrinsic value.

I learned to go into business only with people whom I like, trust, and admire.

I make no effort to predict the course of general business or the stock market. Period. However, currently there are practices snowballing in the security markets and business world which, while devoid of short term predictive value, bother me as to possible long term consequences.

... it's important to have the right monetary policy. It's important for, to have the right fiscal policy. But it's nowhere near as important as just the normal regenerative capacity of American capitalism.