Only when you combine sound intellect with emotional discipline do you get rational behavior.

When we really sit back with a smile on our face is when we run into a situation we can understand, where the facts are ascertainable and clear, and the course of action obvious.

Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life.

Life is like a snowball. The important thing is finding wet snow and a really long hill.

In an inflationary world, a toll bridge (like company) would be a great thing to own because you've laid out the capital costs. You built it in old dollars and you don't have to keep replacing it.

I view derivatives as time bombs, both for the parties that deal in them and the economic system.

The best investment you can make is in yourself.