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

Resolution Trust Company was set up to liquidate a bunch of assets that the government had inherited because the savings and loans went broke.

It is impossible to unsign a contract, so do all your thinking before you sign.

Risk comes from not knowing what you are doing so wide diversification is only required when investors are ignorant. You only have to do a very few things in your life so long as you don't do too many things wrong.

I know that Congress will do the right thing.

We look for things I can understand. A lot of businesses I don't understand.

Focus on return on equity, not earnings per share.