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.

The time to buy stocks is consistently over time. You should never buy your investments with the idea, 'I have to get a certain return.' You should look at the best return possible and learn to live with that. But you should not try to make your investments earn what you feel you need. It doesn't work that way. The stock doesn't know you own it.

The much-maligned idle rich have received a bad rap: They have maintained their wealth while many There is scarcely an instance of a man who has made a fortune by speculation and kept it. Andrew Carnegie of the energetic rich, aggressive real estate operators, corporate acquirers, oil drillers, etc. have their fortunes disappear.

There is seldom just one cockroach in the kitchen. You know, you turn on the light and, all of sudden, they all start scurrying around.

Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stock to be misappraised.

Derivatives are financial weapons of mass destruction.

What's hot today isn't likely to be hot tomorrow. The stock market reverts to fundamental returns over the long run. Don't follow the herd.