[W]e think the very term 'value investing' is redundant. What is 'investing' if it is not the act of seeking value at least sufficient to justify the amount paid? Consciously paying more for a stock than its calculated value -- in the hope that it can soon be sold for a still-higher price -- should be labeled speculation (which is neither illegal, immoral nor -- in our view -- financially fattening).

I think confidence will come back.

I like to go for cinches. I like to shoot fish in a barrel. But I like to do it after the water has run out.

I've already written a section in the annual report for next year explaining why I think in one case that the figures on our balance sheet as calculated are wrong. But it's the standard way of doing it. It's holy writ. The SEC wants us to do it that way, and we'll do it that way, and I'll explain why I think it's wrong and shareholders can read it and see whether they agree with my logic or don't.

We've actually been pretty good on exports. I mean we are exporting 12% of our GDP now roughly.

A Company should be viewed as an unfolding movie, not as a still photograph

Never invest in a business you can't understand