There's always a mismatch. I mean, you know, as the economy evolves, it reallocates resources. Now, the real problem, in my view, is - this has been - the prosperity has been unbelievable for the extremely rich people. If you go to 1982, when Forbes put on their first 400 list, those people had $93 billion. They now they have $2.4 trillion, 25 for one. That is - this has been a prosperity that's been disproportionately rewarding to the people on top.

Buy a cross section of American industry, and if a cross section of American industry doesn't work, certainly trying to pick the little beauties here and there isn't going to work either.

Do not take yearly results too seriously. Instead, focus on four or five-year averages.

A Company should be viewed as an unfolding movie, not as a still photograph

Managers that always promise to 'make the numbers' will at some point be tempted to make up the numbers.

Wide diversification is only required when investors do not understand what they are doing.

First come the innovators, then come the imitators, then come the idiots.