If some institution wants to sell you a billion dollars worth of mortgages, they might have to sell 100 million in the market, and then you'll buy the other 900 million on the same terms. Now, the very fact that this has been authorized or will be authorized, I hope, will firm up the market to some degree. And that's fine. But you don't want to have artificial prices being paid.

Time is the friend of the wonderful company, the enemy of the mediocre.

Trust is like the air we breathe--when it's present, nobody really notices; when it's absent, everybody notices.

If book knowledge made great investors, than the librarians would all be rich.

I don't like what's going on with the executive compensation.

We enjoy the process far more than the proceeds.

Never invest in a business you don't understand.