I've already written a section in the annual report for next year explaining why I think in one case that the figures on our balance sheet as calculated are wrong. But it's the standard way of doing it. It's holy writ. The SEC wants us to do it that way, and we'll do it that way, and I'll explain why I think it's wrong and shareholders can read it and see whether they agree with my logic or don't.

Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life.

The approach and strategies are very similar in that you gather all the information you can and then keep adding to that base of information as things develop. You do whatever the probabilities indicated based on the knowledge that you have at that time, but you are always willing to modify your behaviour or your approach as you get new information. In bridge, you behave in a way that gets the best from your partner. And in business, you behave in the way that gets the best from your managers and your employees.

Trust is like the air we breathe--when it's present, nobody really notices; when it's absent, everybody notices.

If you don't feel comfortable owning something for 10 years, then don't own it for 10 minutes.

The best education you can get is investing in yourself, and that doesn't mean college or university.

Intensity is the price of excellence.