It's a big mistake to try and mislead people. They will turn around.

Banking is very good business if you don't do anything dumb.

There is no substitute for a local newspaper that is doing its job.

Investors should be skeptical of history-based models. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma and the like, these models tend to look impressive. Too often, though, investors forget to examine the assumptions behind the models. Beware of geeks bearing formulas.

We don't have to be smarter than the rest. We have to be more disciplined than the rest.

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

The much-maligned idle rich have received a bad rap: They have maintained their wealth while many There is scarcely an instance of a man who has made a fortune by speculation and kept it. Andrew Carnegie of the energetic rich, aggressive real estate operators, corporate acquirers, oil drillers, etc. have their fortunes disappear.