Be fearful when the markets get greedy, be greedy when the markets get fearful.

We only want to link up with people whom we like, admire, and trust. ... We do not wish to join with managers who lack admirable qualities, no matter how attractive the prospects of their business. We've never succeeded in making a good deal with a bad person.

An irresistable footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities - at full prices they couldn't buy enough of them. In 1974, after the bottom had fallen out, they committed a then record low of 21% to stocks.

When we went crazy, and we did go crazy on residential real estate, it set things in motion that just - the dominoes started toppling.

You have hedge funds and people like that buying these assets to yield 15 or 20 percent, I mean, that's the buyer for these people that are trying to unload them.

Making money isn't the backbone of our guiding purpose; making money is the by-product of our guiding purpose. If you're doing something you love, you're more likely to put your all into it, and that generally equates to making money

We look for things I can understand. A lot of businesses I don't understand.