I've never been very fully employed either but just think of what it's like, you know, to go home with a mortgage payment you know and kids and everything else. My dad had that happen to him in the early '30s.

A low-cost index fund is the most sensible equity investment for the great majority of investors. My mentor, Ben Graham, took this position many years ago, and everything I have seen since convinces me of its truth.

The reaction of weak management to weak operations is often weak accounting.

I think what people understand there probably - well, they were hoping the private sector would do it [rescuing AIG ].

Failing conventionally is the route to go; as a group, lemmings may have a rotten image, but no individual lemming has ever received bad press

There is no staff. I make all the investment decisions and I do all my own analysis.

Our policy is to concentrate holdings. We try to avoid buying a little of this or that when we are only lukewarm about the business or its price. When we are convinced as to attractiveness, we believe in buying worthwhile amounts.