Does the business have favourable long term prospects?

If you hit a hole in one every hole, you wouldn’t play golf for very long.

Your money can be inflated away but your knowledge and talent cannot.

We have provided capital here with a couple of institutions recently. The Federal government did that in the '30s for the RFC and I think there could well be a proper role for government in that.

In the great majority of cases we simply do not know enough about the industry or company to come to sensible judgments-in that situation we pass.

I always say that in investing you want to buy stock in a company that has a business that's so good that an idiot can run it, because sooner or later one will. We have a country like that.

We don't have to be smarter than the rest. We have to be more disciplined than the rest.