Our system works. Over time, people will live better and better. We have a system that unleashes human potential, and now China has a system that unleashes human potential. We will have interruptions. We overshoot and undershoot sometimes, but your kids and grandkids will live better than you. Over time, we move ahead at a pretty damn rapid rate.

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

We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely.

In a commodity business, it's very hard to be smarter than your dumbest competitor.

We have a country where I don't know whether it's a million households a year or more, but good form.

The value of market esoterica to the consumer of investment advice is a different story. In my opinion, investment success will not be produced by arcane formulae, computer programs or signals flashed by the price behavior of stocks and markets. Rather an investor will succeed by coupling good business judgment with an ability to insulate his thoughts and behavior from the super-contagious emotions that swirl about the marketplace.

Valuing a business is part art and part science.