Investors have to remember: corporate profits are going up, but stocks are going up faster. How can that continue indefinitely? Investors can only earn what companies themselves can earn; the government or the markets themselves don't kick anything in. How can you get anything more out of a farm than what it grows?

Don't pass up something that's attractive today because you think you will find something way more attractive tomorrow.

We've got more productive capacity now than we ever have.

The three most important words in investing...Margin of Safety.

If I got any good ideas out of that or I think they're good ideas, I'll be glad to contribute them but the system will probably overdo some other things.

Learning how to live is much more important than learning how to make a living.

I really like my life. I've arranged my life so that I can do what I want.