It's good to learn from your mistakes. It's better to learn from other people's mistakes.

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

Beware [of] the investment activity that produces applause; the great moves are usually greeted by yawns.

Energy deregulation will be the largest transfer of wealth in history.

In the search [of a deal], we adopt the same attitude one might find appropriate in looking for a spouse: It pays to be active, interested, and open-minded, but it does not pay to be in a hurry.

To invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing or emerging markets. You may, in fact, be better off knowing nothing of these. That, of course, is not the prevailing view at most business schools, whose finance curriculum tends to be dominated by such subjects. In our view, though, investment students need only two well-taught courses - How to Value a Business, and How to Think About Market Prices.

Don't invest in pieces of papers (stocks), invest in great businesses underlying them