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.

I have always cautioned partners that I considered three years a minimum in determining whether we were "performing".

I've never been very fully employed either.

I can do anything I want, basically, as long as it doesn't involve athletic ability, or something like that.

If I got a chance to take one percent of the deal either way, I would make that bet.

If horses had controlled investment decisions, there would have been no auto industry.

Time is the friend of the wonderful company, the enemy of the mediocre.