In economics, you always want to ask 'And then what?'

In fact, in my adult lifetime, I don't think I've ever seen people as fearful economically as they are right now.

I mean, if Pearl Harbor came along, you could have said the planning was wrong by the military ahead of time or maybe the battleships shouldn't have all been in the harbor and all that kind of thing.

Never ask a barber if you need a haircut.

One of the ironies of the stock market is the emphasis on activity. Brokers, using terms such as 'marketability' and 'liquidity,' sing the praises of companies with high share turnover... but investors should understand that what is good for the croupier is not good for the customer. A hyperactive stock market is the pick pocket of enterprise.

Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.

What we really want to do is buy businesses that we would be happy to own forever.