When you're associating with the people that you love, doing what you love, it doesn't get any better than that.

With enough insider information and a million dollars, you can go broke in a year.

Don't pass up something that's attractive today because you think you will find something way more attractive tomorrow.

We want to use cash. The reason we haven't used our cash two years ago, we just didn't find things that were that attractive. But when people talk about cash being king, it's not king if it just sits there and never does anything. There are times when cash buys more than other times, and this is one of the other times when it buys a fair amount more, so we use it.

My rather puritanical view is that any investment manager, whether operating as broker, investment counselor of a trust department, investment company, etc., should be willing to state unequivocally what he is going to attempt to accomplish and how he proposes to measure the extent to which he gets the job done.

We have long felt that the only value of stock forecasters is to make fortune-tellers look good.

In my view, [the trade deficit] will create political turmoil at some point...Pretty soon, I think there will be a big adjustment.