Tell me your heroes and I'll tell you how your life will end up

Diversification is protection against ignorance. It makes little sense if you know what you are doing.

I'll tell you why I like the cigarette business. It cost a penny to make. Sell it for a dollar. It's addictive. And there's a fantastic brand loyalty.

A pin lies in wait for every bubble and when the two eventually meet, a new wave of investors learns some very old lessons.

Well, one time some attractive woman sat next to Charlie and asked him what he owed his success to, and, unfortunately, she insisted on a one word answer. He had a speech prepared that would have gone on for several hours. But when forced to boil it down to one word, he said that was "rational". You know, he comes equipped for rationality, and he applies it in business. He doesn't always apply it elsewhere, but he applies it in business and that has made him a huge business success.

I think that trying to invest through 535 people is a tough job, you know, and so I would give more latitude.

At this point, when treasury bills, seven day treasury bills at 1/20th of one percent, it's not because people want to earn 1/20th of one percent, it's because they trust the fact the treasury will give it back to them next week.