If you own the only newspaper in town, up until the last five years or so, you have pricing power and you didn't have to go to the office.

So if you are evaluating others (or yourself!) in the investment field, think out some standards - apply them - interpret them.

Never invest in a business you can't understand

We need a tax system that essentially takes very good care of the people who just really aren't as well adapted to the market system but are nevertheless doing useful things in the society.

I mean there is no capital requirements to it or anything of the sort. And basically, I said there were possibly financial weapons of mass destruction, and they had them. They destroyed AIG. They certainly contributed to the destruction of Bear Sterns and Lehman. Although Lehman had other problems, too.

Ignore the stock market, ignore the economy, and buy a business you understand.

Cash, though, is to a business as oxygen is to an individual: never thought about when it is present, the only thing in mind when it is absent... When bills come due, only cash is legal tender. Don't leave home without it.