Investment philosophy is the clear understanding that by owning shares of stocks he owns businesses, not pieces of paper.

You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are off the map - way off the map.

I have never been able to understand why the tax comes as such a body blow to many people since the rate on long-term capital gain is lower than on most likes of endeavor (tax policy indicated digging ditches is regarded as socially less desirable than shuffling stock certificates).

Fear is the foe of the faddist, but the friend of the fundamentalist.

If some institution wants to sell you a billion dollars worth of mortgages, they might have to sell 100 million in the market, and then you'll buy the other 900 million on the same terms. Now, the very fact that this has been authorized or will be authorized, I hope, will firm up the market to some degree. And that's fine. But you don't want to have artificial prices being paid.

Money to some extent sometimes let you be in more interesting environments. But it can't change how many people love you or how healthy you are.

Emotional makeup is more important than technical skill