[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.

I read annual reports of the company I'm looking at and I read the annual reports of the competitors - that is the main source of material.

You pay a very high price in the stock market for a cheery consensus.

Possessing a powerful worldwide brand is essential for sustained success.

We always live in an uncertain world. What is certain is that the United States will go forward over time.

I've seen more people fail because of liquor and leverage -- leverage being borrowed money. You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing.

The three most important words in investing...Margin of Safety.