It takes 150 years to build an investment bank and only five minutes to convince you to sell me preferred stock in it at a 10% interest rate.

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

If we start deciding, based on guesses or emotions, whether we will or won't participate in a business where we should have some long run edge, we're in trouble.

Take the probability of loss times the amount of possible loss from the probability of gain times the amount of possible gain. That is what we're trying to do. It's imperfect, but that's what it's all about.

... not doing what we love in the name of greed is very poor management of our lives.

Investing is simple, but not easy.

We have a country where I don't know whether it's a million households a year or more, but good form.