Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars.

I'll tell you why I like the cigarette business. It cost a penny to make. Sell it for a dollar. It's addictive. And there's a fantastic brand loyalty.

In the great majority of cases we simply do not know enough about the industry or company to come to sensible judgments-in that situation we pass.

You don't need to be an expert in order to achieve satisfactory investment returns. But if you aren't, you must recognize your limitations and follow a course certain to work reasonably well. Keep things simple and don't swing for the fences.

When somebody makes it very easy for you to do it by saying you don't really have to put up my money, you can lie about your income a little, or we'll give you 100 percent mortgage, you're going to do it, because everybody that's done it has been proven right. You have social tools, and you're going to feel like an idiot if you didn't do it, because the house cost more.

I never invest in anything that I don't understand.

The Noah rule: Predicting rain doesn't count; building arks does.