One observer commenting on security analysts over forty stated: "They know too many things that are no longer true." As long as I am "on stage", publishing a regular record and assuming responsibility for management of what amounts to virtually 100% of the net worth of many partners, I will never be able to put sustained effort into any non-BPL activity. If I am going to participate publicly. I can't help being competitive. I know I don't want to be totally occupied with out-pacing an investment rabbit all my life. The only way to slow down is to stop.

You can't buy what is popular and do well.

Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.

We all make mistakes. If you can't make mistakes, you can't make decisions. I've made a lot bigger mistakes myself.

I get to do what I like to do every single day of the year.

I could end the deficit in 5 minutes. You just pass a law that says that anytime there is a deficit of more than 3% of GDP all sitting members of congress are ineligible for reelection.

We do not view the company itself as the ultimate owner of our business assets but instead view the company as a conduit through which our shareholders own assets.