Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to catch up with the price they paid.

You need a lot of curiosity for a long, long time.

Be fearful when the markets get greedy, be greedy when the markets get fearful.

Diversification is protection against ignorance. It makes little sense if you know what you are doing.

We've used derivatives for many, many years. I don't think derivatives are evil, per se, I think they are dangerous.

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.

It's us fun being a horse when the tractor comes along, or the blacksmith when the car comes along.