The advice "you never go broke taking a profit" is foolish.

It's easy to identify many investment managers with great recent records. But past results, though important, do not suffice when prospective performance is being judged. How the record has been achieved is crucial.

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.

It is more important to say "no" to an opportunity, than to say "yes".

An investor needs to do very few things right as long as he or she avoids big mistakes.

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

What we learn from history is that people don't learn from history.