When Berkshire Hathaway laid out three billion dollars for GE today, we didn't spend it, we invested it. When the Federal government buys the mortgages, they're not spending it, they're investing it. Now, they're investing it in distress type assets but they're buying them at distress prices if they buy them at market. It's the kind of stuff I love to do. I just don't have 700 million. Maybe we could go in it together.

Derivatives are like sex. It's not who we're sleeping with, it's who they're sleeping with that's the problem.

Take the high road; it's far less crowded.

Investment ideas, like women are often more exciting than punctual.

As an investor with small capital, one should prefer businesses that have high returns on capital and that require little incremental investment to grow.

My job is essentially just corralling more and more and more facts and information, and occasionally seeing whether that leads to some action.

I spend twelve hours a week - a little over 10% of my waking hours - playing the game. Now I am trying to figure out how to get by on less sleep in order to fit in a few more hands.