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 into a company because you want to own it, not because you want the stock to go up.

The big question about how people behave is whether they've got an Inner Scorecard or an Outer Scorecard. It helps if you can be satisfied with an Inner Scorecard.

The Fed is the greatest hedge fund in history.

My favorite time frame for holding a stock is forever.

The difference between successful people and really successful people is that really successful people say no to almost everything.

A CEO's behavior has a huge impact on managers down the line.