Other guys read Playboy. I read annual reports.

The major asset in this category is gold, currently a huge favorite of investors who fear almost all other assets, especially paper money (of whose value, as noted, they are right to be fearful). Gold, however, has two significant shortcomings, being neither of much use nor procreative. True, gold has some industrial and decorative utility, but the demand for these purposes is both limited and incapable of soaking up new production. Meanwhile, if you own one ounce of gold for an eternity, you will still own one ounce at its end.

I'm happy when I can spend every day doing the things that I like to do. That's my luxury.

We continue to make more money when snoring than when active.

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

We do not view the company itself as the ultimate owner of our business assets but instead view the company as a conduit through which our shareholders own assets.

Never invest in a business you can't understand