Do not save what is left after spending, but spend what is left after saving.

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.

Wall Street makes its money on activity. You make your money on inactivity.

You do things when the opportunities come along. I've had periods in my life when I've had a bundle of ideas come along, and I've had long dry spells. If I get an idea next week, I'll do something. If not, I won't do a damn thing.

Like I say, I don't think it'll be done perfectly. Maybe we'll end up with a little bit better [economy] system.

The problem with commodities is that you are betting on what someone else would pay for them in six months. The commodity itself isn't going to do anything for you....it is an entirely different game to buy a lump of something and hope that somebody else pays you more for that lump two years from now than it is to buy something that you expect to produce income for you over time.

Of one thing be certain: if a CEO is enthused about a particularly foolish acquisition, both his internal staff and his outside advisors will come up with whatever projections are needed to justify his stance. Only in fairy tales are emperors told that they are naked.