The [stock] market,like the Lord, helps those who help themselves. But, unlike the Lord, the market does not forgive those who know not what they do.

I think that they hoped the private sector would come in. And the private sector tried to come in until they saw the size of the problem. I mean, from were people on that weekend that thought they'd had a solution. And then the hole kept getting bigger and bigger. And all of a sudden became apparent that 20 billion wouldn't do it and 30 billion wouldn't do it and 40 billion wouldn't do it. So it got beyond anybody's ability to certainly to do it in a short period of time.

Our goal is to find an outstanding business at a sensible price, not a mediocre business at a bargain price.

Knowing the edge of your competency is important. If you think you know more than you do, you will get in trouble.

Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.

In one way, I'm sympathetic to the institutional reluctance to face the music. I'd give a lot to mark my weight to 'model' rather than to 'market.'

No matter how great the talent or efforts, some things just take time.