I would say the biggest single cause was we had an incredible residential real estate bubble.

There is no perfect mathematical formula for pricing a business.

The big question about how people behave is whether they've got an Inner Scorecard or an Outer Scorecard. It helps if you can be satisfied with an Inner Scorecard.

Managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.

The future is never clear; you pay a very high price in the stock market for a cheery consensus. Uncertainty actually is the friend of the buyer of long-term values.

One’s objective should be to get it right, get it quick, get it out and get it over. Your problem won’t improve with age.

It will be good for us in the long run, and I mean there are, you know, six and a half billion people in this world. And it's great for 300 million to keep enjoying more and more property, but I think it's terrific if, you know, the remainder do.