I am not in the business of predicting general stock market of business fluctuations. If you think I can do this, or think it is essential to an investment program, you should not be in the partnership.

I'll take the deal, whatever you want to do.

There is nothing like writing to force you to think and get your thoughts straight.

It's easier to create money than to spend it.

The banking business is no favorite of ours. When assets are twenty times equity - a common ratio in this industry - mistakes that involve only a small portion of assets can destroy a major portion of equity. And mistakes have been the rule rather than the exception at many major banks.

Confidence in markets and in institutions, it's a lot like oxygen. When you have it, you don't even think about it. It's indispensable. You can go years without thinking about it. When it's gone for five minutes, it's the only thing to think about.

Long ago, Ben Graham taught me that "Price is what you pay; value is what you get." Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.