Can you know you can have institutions that put curbs on that in various ways, and actually what the banks, you know, they have various capital ratios and that sort of thing, but the banks got around them, I mean, they set up sieves and that sort of thing just to get more leverage. People love leverage when it's working. I mean, it's so easy to borrow money from a guy at X and put it out at X.

There are all kinds of businesses that Charlie and I don't understand, but that doesn't cause us to stay up at night. It just means we go on to the next one, and that's what the individual investor should do.

If you knew what was going to happen in the economy, you still wouldn't necessarily know what was going to happen in the stock market.

I'm putting all my money in the Chinese toy market.

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.

Every company that has an economist working for him has one employee too many.

Time is the friend of the wonderful company, the enemy of the mediocre.