To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What's needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework. You must supply the emotional discipline.

When somebody makes it very easy for you to do it by saying you don't really have to put up my money, you can lie about your income a little, or we'll give you 100 percent mortgage, you're going to do it, because everybody that's done it has been proven right. You have social tools, and you're going to feel like an idiot if you didn't do it, because the house cost more.

I've already written a section in the annual report for next year explaining why I think in one case that the figures on our balance sheet as calculated are wrong. But it's the standard way of doing it. It's holy writ. The SEC wants us to do it that way, and we'll do it that way, and I'll explain why I think it's wrong and shareholders can read it and see whether they agree with my logic or don't.

I mean, you may be very mad at some guy that walked away with a huge golden parachute, but that really isn't the important thing.

Managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.

We're still in a recession. We're not gonna be out of it for a while, but we will get out.

It's us fun being a horse when the tractor comes along, or the blacksmith when the car comes along.