The Noah rule: Predicting rain doesn't count; building arks does.

You could take all the gold that's ever been mined, and it would fill a cube 67 feet in each direction. For what that's worth at current gold prices, you could buy all -- not some -- all of the farmland in the United States. Plus, you could buy 10 Exxon Mobils, plus have $1 trillion of walking-around money. Or you could have a big cube of metal. Which would you take? Which is going to produce more value?

There's not many businesses where someone can come in and offer to cut the price in half and somebody doesn't think about shifting. But that's the nature of the ratings business.

I mean, in terms of alternatives, some people have suggested for example that why don't we - why isn't America doing what Berkshire Hathaway is doing? Why isn't that a better deal for America?

I’ve never believed in risking what my family and friends have and need in order to pursue what they don’t have and don’t need.

Investing is forgoing consumption now in order to have the ability to consume more at a later date.

The Noah rule: Predicting rain doesn't count; building arks does.