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.

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

The most important thing in terms of your circle of competence is not how large the area of it is, but how well you've defined the perimeter.

When people tell me they've learned from experience, I tell them the trick is to learn from other people's experience.

Your premium brand had better be delivering something special, or it's not going to get the business.

Managers thinking about accounting issues should never forget one of Abraham Lincoln's favorite riddles: How many legs does a dog have, if you call a tail a leg? The answer: Four, because calling a tail a leg doesn't make it a leg.

We still find very few [stocks] that even mildly interest us. That dismal fact is testimony to the insanity of valuations reached during The Great Bubble. Unfortunately, the hangover may prove to be proportional to the binge.