If you understood a business perfectly and the future of the business, you need very little in the way of a margin of safety.

If AIG had tried to unwind their derivatives books. I don't know. It would have hit every institution in the world.

The speed at which a business success is recognized, furthermore, is not that important as long as the company's intrinsic value is increasing at a satisfactory rate. In fact, delayed recognition can be an advantage: It may give us the chance to buy more of a good thing at a bargain price.

I measure success by how many people love me. And the best way to be loved is to be lo veable.

Generally, we have translated greater output in the few hours of work per week over the last century. And that's a good trend of the future. But we do have to have a system that, as output of goods and services keeps increasing per capita, that it takes care of the people who are willing to work and really are not getting by very well with a family on a 40-hour week.

Take the job you would take if you were independently wealthy. You're going to do well at it.

I think it will get moving faster. I mean once you get it off the - once credit flows - now the recession is going to get worse.