If knowing history made you rich, librarians would be billionaires.

What's nice about investing is you don't have to swing at every pitch.

The Fed is the greatest hedge fund in history.

We enjoy the process far more than the proceeds.

In the long run managements stressing accounting appearance over economic substance usually achieve little of either.

If anything, taxes for the lower and middle class and maybe even the upper-middle class should even probably be cut further. But I think that people at the high end - people like myself - should be paying a lot more in taxes. We have it better than we've ever had it.

You should be unconcerned about short-term price action when you own the securities directly, just as you were unconcerned when you owned them indirectly through BPL. I think about them as businesses, not "stocks", and if the business does all right over the long term, so will the stock.