In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.

Do not save what is left after spending, but spend what is left after saving.

Writing checks to the IRS that include strings of zeros does not bother me ... Overall, we feel extraordinarily lucky to have been dealt a hand in life that enables us to write large checks to the government rather than one requiring the government to regularly write checks to us-say, because we are disabled or unemployed.

Larger sums may be an advantage at some cases and a disadvantage at others.

I wouldn’t mind going to jail if I had three cellmates who played bridge

I look at everything. That's my job. I really do, every day. I think about everything.

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