I mean the truth is, I've never had it so good in terms of taxes. I am paying the lowest tax rate that I've ever paid in my life.

In the great majority of cases we simply do not know enough about the industry or company to come to sensible judgments-in that situation we pass.

Take the job you would take if you were independently wealthy. You're going to do well at it.

It's a big mistake to try and mislead people. They will turn around.

Risk comes from not knowing what you are doing so wide diversification is only required when investors are ignorant. You only have to do a very few things in your life so long as you don't do too many things wrong.

The rich are always going to say that, you know, just give us more money and we'll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on.

It is unquestionably true that the investment companies have their money more conventionally invested than we do. To many people conventionality is indistinguishable from conservatism. In my view, this represents erroneous thinking. Neither a conventional nor an unconventional approach, per se, is conservative.