Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.

[People] have seen the credit market seize up. They're worried about money market funds, although the latest proposition from government should take care of that. They've seen eight percent of the bank deposits in the United States get moved very skillfully, I might say, within the last couple of weeks from institutions that they thought were fine a few months ago to other institutions. They are not wrong to be worried.

You should look at stocks as small pieces of business.

It is unquestionably true that the investment companies have their money more conventionally invested than we do. To many people conventionality is indistinguishable from conservatism. In my view, this represents erroneous thinking. Neither a conventional nor an unconventional approach, per se, is conservative.

We also believe candour benefits us as managers. The CEO who misleads often in public eventually misleads himself in private.

Bad terminology is the enemy of good thinking.

What the wise do in the beginning, fools do in the end.