The first rule is not to lose. The second rule is not to forget the first rule.

I have three boxes on my desk: In, Out, and Too Hard.

You can't help some increase from this point. I don't want any viewer to go away think a magic wand exists in Congress. So they're going to see some more bad news. But if we do this, we're doing the right thing.

Buy companies with strong histories of profitability and with a dominant business franchise.

I always invest in companies an idiot could run, because one day one will.

When you combine ignorance and leverage, you get some pretty interesting results.

Too often, executive compensation in the U.S. is ridiculously out of line with performance. That won't change, moreover, because the deck is stacked against investors when it comes to the CEO's pay.