[People] have seen the credit market seize up. They're worried about money market funds, although the latest proposition from government should take care of that. They've seen eight percent of the bank deposits in the United States get moved very skillfully, I might say, within the last couple of weeks from institutions that they thought were fine a few months ago to other institutions. They are not wrong to be worried.

As far as you are concerned, the stock market does not exist. Ignore it.

Having first rate people on the team is more important than designing hierarchies and clarifying who reports to whom.

Buy companies with strong histories of profitability and with a dominant business franchise.

Just imagine living on 21,000 a year. I mean you have 20 percent of the population doing that. So you don't have to worry about guys like me.

I'm just lucky to have been in the right place at the right time. Another place, another time, I wouldn't have been as successful. Society enabled me to make my money and my money should go to society.

What we really want to do is buy businesses that we would be happy to own forever.