A contrarian approach is just as foolish as a follow-the-crowd strategy. What's required is thinking rather than polling.

In my opinion, the entire field of investment management, involving hundreds of billions of dollars, would be more satisfactorily conducted if everyone had a good yardstick for measurement of ability and sensibly applied it.

Just look at that Forbes 400. Takes a billion three to get on the Forbes 400 this year. And the aggregate wealth is just staggering. And those people are paying less percentage of their total income to the federal government than their receptionists are. [...] I'll bet a million dollars against any member of the Forbes 400 who challenges - me that the average for the Forbes 400 will be less than the average of their receptionists.

Cash combined with courage in a time of crisis is priceless.

Market price, while used exclusively to value our investments in minority positions, is not a relevant factor when applied to our controlling interests.

There are 309 million people out there that are trying to improve their lot in life. And we've got a system that allows them to do it.

For some reason, people take their cues from price action rather than from values. What doesn't work is when you start doing things that you don't understand or because they worked last week for somebody else. The dumbest reason in the world to buy a stock is because it's going up.