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.

We're paying maybe 25 percent of the income tax, but the payroll tax is over a third of the receipts of the federal government. And they don't take that from me on capital gains. They don't take that from me on dividends.

In fact, in my adult lifetime, I don't think I've ever seen people as fearful economically as they are right now.

We intend to continue our practice of working only with people whom we like and admire. This policy not only maximizes our chances for good results, it also ensures us an extraordinarily good time.

Mr. Market is your servant, not your guide.

I put heavy weight on certainty. It's not risky to buy securities at a fraction of what they're worth.

Take the job you would take if you were independently wealthy. You're going to do well at it.