Market prices for stocks fluctuate at great amplitudes around intrinsic value but, over the long term, intrinsic value is virtually always reflected at some point in market price.

What motivates most gold purchasers is their belief that the ranks of the fearful will grow ... As 'bandwagon' investors join any party, they create their own truth - for a while.

We look for things I can understand. A lot of businesses I don't understand.

You know ... you keep doing the same things and you keep getting the same result over and over again.

Someone's sitting in the shade today because someone planted a tree a long time ago. The person sitting in the shade now should be grateful for the person who planted and tended that tree. That includes all those benefactors of humanity throughout history that created, invented, financed, produced, maintained and improved all that we enjoy today.

The reaction of weak management to weak operations is often weak accounting.

A single year's performance is of minor importance and, good or bad, should never be taken seriously.