The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price.

We all make mistakes. If you can't make mistakes, you can't make decisions. I've made a lot bigger mistakes myself.

In a difficult business, no sooner is one problem solved than another surfaces - never is there just one cockroach in the kitchen.

If I got a chance to take one percent of the deal either way, I would make that bet.

Why not invest your assets in the companies you really like? As Mae West said, 'Too much of a good thing can be wonderful'.

We have provided capital here with a couple of institutions recently. The Federal government did that in the '30s for the RFC and I think there could well be a proper role for government in that.

The value of a business is the cash it's going to produce in the future.