Today people who hold cash equivalents feel comfortable. They shouldn't. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.

You should be unconcerned about short-term price action when you own the securities directly, just as you were unconcerned when you owned them indirectly through BPL. I think about them as businesses, not "stocks", and if the business does all right over the long term, so will the stock.

It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.

[People] have seen the credit market seize up. They're worried about money market funds, although the latest proposition from government should take care of that. They've seen eight percent of the bank deposits in the United States get moved very skillfully, I might say, within the last couple of weeks from institutions that they thought were fine a few months ago to other institutions. They are not wrong to be worried.

Derivatives are financial weapons of mass destruction.

I don't want to be on the other side of the table from the customer. I was never selling anything that I didn't believe in myself or use myself.

Our approach is very much profiting from lack of change rather than from change.