In an inflationary world, a toll bridge (like company) would be a great thing to own because you've laid out the capital costs. You built it in old dollars and you don't have to keep replacing it.

You should be unconcerned about short-term price action when you own the securities directly, just as you were unconcerned when you owned them indirectly through BPL. I think about them as businesses, not "stocks", and if the business does all right over the long term, so will the stock.

There is no substitute for a local newspaper that is doing its job.

If knowing history made you rich, librarians would be billionaires.

I've argued with the senators and congressmen I've talked to. You don't want to be too little too late. If you buy them at the right price, you may be buying two trillion of face value.

Wide diversification is only required when investors do not understand what they are doing.

If we have a strength, it is in recognizing when we are operating well within our circle of competence and when we are approaching the perimeter.