Equities will do well over time - you just have to avoid getting excited when other people are getting excited.

Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.

Personally, I really hope I can treat everyone equally. I think I have done a pretty good job so far but I know I can do it better.

We also believe candour benefits us as managers. The CEO who misleads often in public eventually misleads himself in private.

I always say that in investing you want to buy stock in a company that has a business that's so good that an idiot can run it, because sooner or later one will. We have a country like that.

Focus on return on equity, not earnings per share.

The major asset in this category is gold, currently a huge favorite of investors who fear almost all other assets, especially paper money (of whose value, as noted, they are right to be fearful). Gold, however, has two significant shortcomings, being neither of much use nor procreative. True, gold has some industrial and decorative utility, but the demand for these purposes is both limited and incapable of soaking up new production. Meanwhile, if you own one ounce of gold for an eternity, you will still own one ounce at its end.