Calculate "owner earnings" to get a true reflection of value.

Be fearful when there is greed and be greedy when there is fear.

Bull markets and Bear markets can obscure mathematical laws, they cannot repeal them.

Every company that has an economist working for him has one employee too many.

A market downturn, doesn't bother us. For us and our long term investors, it is an opportunity to increase our ownership of great companies with great management at good prices. Only for short term investors and market timers is a correction not an opportunity.

I've often felt there might be more to be gained by studying business failures than business successes.

You've got the right - you've got a wonderful person with Sheila Bair, most of the viewers have never heard of Sheila Bair. [She] has taken eight percent of the deposits in the United States and seamlessly moved those over to sound institutions which in turn have gotten more capital, ended up, it's been a magnificent job.She'll never get a golden parachute or any severance pay or anything. She's done a great job. We've got some great public servants. We have I think the right people in there to get the job done, and then they need more tools.