We would do best in a market where everyone acted foolishly.

I think the FDIC was one of the great inventions of the American.

But 300 million Americans, their lending institutions, their government, their media, all believed that house prices were going to go up consistently. And that got billed into a $20 trillion residential home market. Lending was done based on it, and everybody did a lot of foolish things.

A great investment opportunity occurs when a marvelous business encounters a one-time huge, but solvable problem.

An investor should ordinarily hold a small piece of an outstanding business with the same tenacity that an owner would exhibit if he owned all of that business.

If you don't make mistakes you can't make decisions.

My idea of a group decision is to look in the mirror.