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.

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.

Managers that always promise to 'make the numbers' will at some point be tempted to make up the numbers.

I don't read economic forecasts. I don't read the funny papers.

Economic medicine that was previously meted out by the cupful has recently been dispensed by the barrel. These once unthinkable dosages will almost certainly bring on unwelcome after-effects. Their precise nature is anyone's guess, though one likely consequence is an onslaught of inflation.

Occasionally, a man must rise above principles.

The great personal fortunes in the country weren't built on a portfolio of fifty companies. They were built by someone who identified one wonderful business. With each investment you make, you should have the courage and the conviction to place at least 10% of your net worth in that stock.