A fool and his money are soon invited everywhere.

The most common cause of low prices is pessimism - some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It's optimism that is the enemy of the rational buyer.

Earnings can be pliable as putty when a charlatan heads the company reporting them.

When 40 billion of treasury bills are sold like, seven day treasury bills, at a yield of 1/20th of one percent, that means the whole country is basically at the point virtually, or a lot of the country is at the point of putting the money under the mattress.

You should invest in a business that even a fool can run, because someday a fool will.

In an inflationary world, a toll bridge (like company) would be a great thing to own because you've laid out the capital costs. You built it in old dollars and you don't have to keep replacing it.

A pack of lemmings looks like a group of rugged individualists compared with Wall Street when it gets a concept in its teeth.