The smartest side to take in a bidding war is the losing side.

We've been in a recession, by any common sense definition, because if you look at the American public, they've got 20 billion - 20 trillion, I should say, worth of residential homes.

I like to go for cinches. I like to shoot fish in a barrel. But I like to do it after the water has run out.

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.

Do not save what is left after spending, but spend what is left after saving.

If you own a wonderful business...the best thing to do is keep it. All you're going to do is trade your wonderful business for a whole bunch of cash, which isn't as good as the business, and you got the problem of investing in other businesses, and you probably paid a tax in between. So my advice to anybody who owns a wonderful business is keep it.

I'd rather have a $10 million business making 15 per cent than a $100 million business making 5 per cent.