If you were at Lehman, the same thing happened. If you were at AIG, the shareholders are getting creamed on these things. And those shareholders are not just a bunch of big shots in Wall Street. Those are pension funds, and those are investors all over the country. I wouldn't worry too much about that. Justice won't be perfect on it.

Risk can be greatly reduced by concentrating on only a few holdings.

Our favorite holding period is forever.

When people talk about cash being king, it's not king if it just sits there and never does anything.

Asset values and earning power are the dominant factors affecting the valuation of a controlling interest in a business. Market price, which governs valuation of minority interest positions, is of little or no importance in valuing a controlling interest.

You don't have to be a genius to invest well

I lose confidence in other people, all kinds of institutions.