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.

Our favorite holding period is forever.

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's important to have the right monetary policy. It's important for, to have the right fiscal policy. But it's nowhere near as important as just the normal regenerative capacity of American capitalism.

Tell me your heroes and I'll tell you how your life will end up

The difference between successful people and really successful people is that really successful people say no to almost everything.

Buy a business, don't rent stocks.