You get in a lot of trouble when you start putting fictitious numbers.

In my view, [the trade deficit] will create political turmoil at some point...Pretty soon, I think there will be a big adjustment.

You pay a very high price in the stock market for a cheery consensus.

I've learned mainly by reading myself. So I don't think I have any original ideas. Certainly, I talk about reading Graham. I've read Phil Fisher. So I've gotten a lot of my ideas from reading. You can learn a lot from other people. In fact, I think if you learn basically from other people, you don't have to get too many new ideas on your own. You can just apply the best of what you see.

I've made money over the years by buying into good companies, run by good people, at attractive prices. And I don't try and make it out of buying into the market at one point and selling at another point.

I measure success by how many people love me. And the best way to be loved is to be lo veable.

I just don't see anything available that gives any reasonable hope of delivering such a good year and I have no desire to grope around, hoping to 'get lucky' with other people's money. I am not attuned to this market environment, and I don't want to spoil a decent record by trying to play a game I don't understand just so I can go out a hero.