The capital gains tax is 15 percent now. So I sit there in my office and I make a lot of money by capital gains, and I pay 15 percent, and I pay no payroll tax on it.

Having a large amount of leverage is like driving a car with a dagger on the steering wheel pointed at your heart. If you do that, you will be a better driver. There will be fewer accidents but when they happen, they will be fatal.

It is to our advantage to have securities do nothing price-wise for months, or perhaps years, while we are buying them.

Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.

It's never paid to bet against America.

The fact that people will be full of greed, fear, or folly is predictable. The sequence is not predictable.

You know, people talk about this being an uncertain time. You know, all time is uncertain. I mean, it was uncertain back in - in 2007, we just didn't know it was uncertain. It was - uncertain on September 10th, 2001. It was uncertain on October 18th, 1987, you just didn't know it.