The fact that people will be full of greed, fear, or folly is predictable. The sequence is not predictable.

There's always a mismatch. I mean, you know, as the economy evolves, it reallocates resources. Now, the real problem, in my view, is - this has been - the prosperity has been unbelievable for the extremely rich people. If you go to 1982, when Forbes put on their first 400 list, those people had $93 billion. They now they have $2.4 trillion, 25 for one. That is - this has been a prosperity that's been disproportionately rewarding to the people on top.

We don't read other people's opinions. We want to get the facts, and then think.

You can lose leverage, and it's the only way a smart guy can go broke.

When you're associating with the people that you love, doing what you love, it doesn't get any better than that.

Never invest in a business you can't understand

I've seen more people fail because of liquor and leverage -- leverage being borrowed money. You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing.