Government can't deliver a free lunch to the country as a whole. It can, however, determine who pays for lunch. And last week the Senate handed the bill to the wrong party... the poor and middle class.

If you lose money for the firm, I will be forgiving. If you lose reputation, I will be ruthless.

It's easy to identify many investment managers with great recent records. But past results, though important, do not suffice when prospective performance is being judged. How the record has been achieved is crucial.

Our approach is very much profiting from lack of change rather than from change. With Wrigley chewing gum, it's the lack of change that appeals to me. I don't think it is going to be hurt by the Internet. That's the kind of business I like.

We don't read other people's opinions. We want to get the facts, and then think.

Things you like to do should be a hobby of yours, but things the world does should be a business of yours.

Whatever you like to do, make it a hobby and whatever the world likes to do, make it a business.