I mean [Franklin Delano] Roosevelt didn't - you know, when he came in, he didn't print any money.

We only want to link up with people whom we like, admire, and trust. ... We do not wish to join with managers who lack admirable qualities, no matter how attractive the prospects of their business. We've never succeeded in making a good deal with a bad person.

Other guys read Playboy. I read annual reports.

The time to buy stocks is consistently over time. You should never buy your investments with the idea, 'I have to get a certain return.' You should look at the best return possible and learn to live with that. But you should not try to make your investments earn what you feel you need. It doesn't work that way. The stock doesn't know you own it.

Learning how to live is much more important than learning how to make a living.

Interest rates are to asset prices what gravity is to the apple. When there are low interest rates, there is a very low gravitational pull on asset prices.

Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.