If you are not willing to own a stock for 10 years, do not even think about owning it for 10 minutes.

The future is never clear; you pay a very high price in the stock market for a cheery consensus. Uncertainty actually is the friend of the buyer of long-term values.

It is more important to say "no" to an opportunity, than to say "yes".

I like to buy things I can understand. I do a lot of research on things.

I don't think you can have a better secretary of the Treasury than Hank Paulson.

It is unquestionably true that the investment companies have their money more conventionally invested than we do. To many people conventionality is indistinguishable from conservatism. In my view, this represents erroneous thinking. Neither a conventional nor an unconventional approach, per se, is conservative.

I think you'll have plenty of scrutiny as how the money's invested. I mean, just like the RFC. When the RFC operated, people knew which institutions they were buying preferred stock in. And it worked very well.