The single most important decision in evaluating a business is pricing power.

A lot of great fortunes in the world have been made by owning a single wonderful business. If you understand the business, you don't need to own very many of them.

If AIG had tried to unwind their derivatives books. I don't know. It would have hit every institution in the world.

I'm happy when I can spend every day doing the things that I like to do. That's my luxury.

If you knew what was going to happen in the economy, you still wouldn't necessarily know what was going to happen in the stock market.

If the world couldn't see your results, would you rather be thought of as the world's greatest investor but in reality have the world's worst record? Or be thought of as the world's worst investor when you were actually the best?

To invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing or emerging markets. You may, in fact, be better off knowing nothing of these. That, of course, is not the prevailing view at most business schools, whose finance curriculum tends to be dominated by such subjects. In our view, though, investment students need only two well-taught courses - How to Value a Business, and How to Think About Market Prices.