I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates were 39.9 percent in 1976-77 - shy away from a sensible investment because of the tax rate on the potential gain.

Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.

In our view, derivatives are financial weapons of mass destruction carrying dangers that, while latent, are potentially lethal.

There is no substitute for a local newspaper that is doing its job.

If I eat 2,700 calories a day, a quarter of that is Coca-Cola.

I know what I want to do and it makes sense to get going.

In the end, alchemy, whether it is metallurgical or financial, fails. A base business can not be transformed into a golden business by tricks of accounting or capital structure. The man claiming to be a financial alchemist may become rich. But gullible investors rather than business achievements will usually be the source of his wealth.