There is no substitute for a local newspaper that is doing its job.

I am a better investor because I am a businessman, and a better businessman because I am no investor.

I find that the standard of living does not go up in proportion with the cost of living. The trick in life is to do things that are fun all the time.

You can lose leverage, and it's the only way a smart guy can go broke.

A CEO's behavior has a huge impact on managers down the line.

Does the business have a consistent operating history?

The banking business is no favorite of ours. When assets are twenty times equity - a common ratio in this industry - mistakes that involve only a small portion of assets can destroy a major portion of equity. And mistakes have been the rule rather than the exception at many major banks.