There are certain things that cannot be adequately explained to a virgin either by words or pictures.
Warren BuffettThe latter qualification brings to mind a fellow who applied for a job and stated he had twenty years of experience-which was corrected by a former employer to read "one year's experience-twenty times.
Warren BuffettWide diversification is only required when investors do not understand what they are doing.
Warren BuffettIf some institution wants to sell you a billion dollars worth of mortgages, they might have to sell 100 million in the market, and then you'll buy the other 900 million on the same terms. Now, the very fact that this has been authorized or will be authorized, I hope, will firm up the market to some degree. And that's fine. But you don't want to have artificial prices being paid.
Warren Buffett