You have no ability, if you're a financial institution and you're threatened with criminal prosecution, you have no ability to negotiate.

Mr. Market is kind of a drunken psycho. Some days he gets very enthused, some days he gets very depressed. And when he get really enthused you sell to him, and if he gets depressed, you buy from him. There's no moral taint attached to that.

A public-opinion poll is no substitute for thought.

Bad terminology is the enemy of good thinking.

I think confidence will come back.

An investor should ordinarily hold a small piece of an outstanding business with the same tenacity that an owner would exhibit if he owned all of that business.

If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy.