Confidence in markets and in institutions, it's a lot like oxygen. When you have it, you don't even think about it. It's indispensable. You can go years without thinking about it. When it's gone for five minutes, it's the only thing to think about.

We've got a wonderful economic formula in this country.

I make plenty of mistakes and I'll make plenty more mistakes, too. That's part of the game. You've just got to make sure that the right things overcome the wrong ones.

Although we deal with probabilities and expectations, the actual results can deviate substantially from such expectations, particularly on a short-term basis.

If at first you do succeed, quit trying on investing.

I think the rest of the country should be paying less, the 95 percent that [Barack] Obama talks about or maybe even a little higher than that.

The three most important words in investing...Margin of Safety.