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

Investing is the greatest business in the world because you never have to swing. You stand at the plate; the pitcher throws you General Motors at 47! U.S. Steel at 39! And nobody calls a strike on you. There's no penalty except opportunity. All day you wait for the pitch you like; then, when the fielders are asleep, you step up and hit it.

People always ask me where they should go to work, and I always tell them to go to work for whom they admire the most.

The fundamental basis of above-average performance in the long run is sustainable competitive advantage.

You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.

You can't help some increase from this point. I don't want any viewer to go away think a magic wand exists in Congress. So they're going to see some more bad news. But if we do this, we're doing the right thing.

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.