Economic medicine that was previously meted out by the cupful has recently been dispensed by the barrel. These once unthinkable dosages will almost certainly bring on unwelcome after-effects. Their precise nature is anyone's guess, though one likely consequence is an onslaught of inflation.

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.

I mean [Franklin Delano] Roosevelt didn't - you know, when he came in, he didn't print any money.

The greatest Enemies of the Equity investor are Expenses and Emotions.

I like to buy things I can understand. I do a lot of research on things.

For some reason people take their cues from price action rather than from values. Price is what you pay. Value is what you get.

If I got any good ideas out of that or I think they're good ideas, I'll be glad to contribute them but the system will probably overdo some other things.