I won't close down a business of subnormal profitability merely to add a fraction of a point to our corporate returns. I also feel it inappropriate for even an exceptionally profitable company to fund an operation once it appears to have unending losses in prospect. Adam Smith would disagree with my first proposition and Karl Marx would disagree with my second; the middle ground is the only position that leaves me comfortable.

I don't want to be on the other side of the table from the customer. I was never selling anything that I didn't believe in myself or use myself.

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.

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

My job is essentially just corralling more and more and more facts and information, and occasionally seeing whether that leads to some action.

It is more important to say "no" to an opportunity, than to say "yes".

I want to be able to explain my mistakes. This means I do only the things I completely understand.