I can do anything I want, basically, as long as it doesn't involve athletic ability, or something like that.

Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life. The calculation of intrinsic value, though, is not so simple. As our definition suggests, intrinsic value is an estimate rather than a precise figure, and it is additionally an estimate that must be changed if interest rates move or forecasts of future cash flows are revised.

What's going to happen - things we're doing are going to have some inflationary consequences.

Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.

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

The future is never clear; you pay a very high price in the stock market for a cheery consensus. Uncertainty actually is the friend of the buyer of long-term values.

An irresistable footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities - at full prices they couldn't buy enough of them. In 1974, after the bottom had fallen out, they committed a then record low of 21% to stocks.