I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business.

Wall Street makes its money on activity. You make your money on inactivity.

It is to our advantage to have securities do nothing price-wise for months, or perhaps years, while we are buying them.

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?

I always knew I was going to be rich. I don't think I ever doubted it for a minute.

Like most trends, at the beginning it's driven by fundamentals, at some point speculation takes over. What the wise man does in the beginning, the fool does in the end.

We want to use cash. The reason we haven't used our cash two years ago, we just didn't find things that were that attractive. But when people talk about cash being king, it's not king if it just sits there and never does anything. There are times when cash buys more than other times, and this is one of the other times when it buys a fair amount more, so we use it.