There's not many businesses where someone can come in and offer to cut the price in half and somebody doesn't think about shifting. But that's the nature of the ratings business.

Can you know you can have institutions that put curbs on that in various ways, and actually what the banks, you know, they have various capital ratios and that sort of thing, but the banks got around them, I mean, they set up sieves and that sort of thing just to get more leverage. People love leverage when it's working. I mean, it's so easy to borrow money from a guy at X and put it out at X.

We also believe candour benefits us as managers. The CEO who misleads often in public eventually misleads himself in private.

I choose to work with every single person that I work with. That ends up being the most important factor. I don't interact with people I don't like or admire. That's the key. It's like marrying.

If you can't read the scoreboard. You don't know the score. If you don't know the score, you can't tell the winners from the losers.

We've got all the ingredients for a sensational future.

All there is to investing is picking good stocks at good times and staying with them as long as they remain good companies.