The same things happen to quite an extent around the globe. I mean, the European banks were doing what the American banks were.

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

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.

Don't settle for anything other than your passion - if you're lucky enough to find it.

I'm just lucky to have been in the right place at the right time. Another place, another time, I wouldn't have been as successful. Society enabled me to make my money and my money should go to society.

In our view, though, investment students need only two well-taught courses-How to Value a Business, and How to Think about Market Prices. Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business who's earnings are virtually certain to be materially higher five, ten and twenty years from now.

We do not view the company itself as the ultimate owner of our business assets but instead view the company as a conduit through which our shareholders own assets.