If AIG had tried to unwind their derivatives books. I don't know. It would have hit every institution in the world.

You are neither right nor wrong because the crowd disagrees with you.

You’ve gotta keep control of your time, and you can’t unless you say no. You can’t let people set your agenda in life.

The best thing that happens to us is when a great company gets into temporary trouble...We want to buy them when they're on the operating table.

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

An argument is made that there are just too many question marks about the near future; wouldn't it be better to wait until things clear up a bit? You know the prose: "Maintain buying reserves until current uncertainties are resolved," etc. Before reaching for that crutch, face up to two unpleasant facts: The future is never clear and you pay a very high price for a cheery consensus. Uncertainty actually is the friend of the buyer of long-term values.

In the insurance business, there is no statute of limitation on stupidity.