Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.

The capital gains tax is 15 percent now. So I sit there in my office and I make a lot of money by capital gains, and I pay 15 percent, and I pay no payroll tax on it.

It's not debt per say that overwhelms an individual corporation or country. Rather it is a continuous increase in debt in relation to income that causes trouble.

As an investor with small capital, one should prefer businesses that have high returns on capital and that require little incremental investment to grow.

Is management candid with the shareholders?

What's going to happen - things we're doing are going to have some inflationary consequences.

Intensity is the price of excellence.