We've had public companies in the past in that business and they bleed. We've got a lot more blood than they do.

Investors have to remember: corporate profits are going up, but stocks are going up faster. How can that continue indefinitely? Investors can only earn what companies themselves can earn; the government or the markets themselves don't kick anything in. How can you get anything more out of a farm than what it grows?

What you really want to do in investments is figure out what's important and knowable. If it's unimportant or unknowable you forget about it.

Wide diversification is only required when investors do not understand what they are doing.

If horses had controlled investment decisions, there would have been no auto industry.

The stock market is a wonderfully efficient mechanism for transferring wealth from the impatient to the patient.

How do you beat Bobby Fischer? You play him at any game but chess. I try to stay in games where I have an edge.