The greatest Enemies of the Equity investor are Expenses and Emotions.

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

With enough insider information and a million dollars, you can go broke in a year.

We really can say no in 10 seconds or so to 90%+ of all the things that come along simply because we have these filters.

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've read about all the sales today. If you're an auto dealer, you're feeling it. If you're a furniture retailer like we are, you're feeling it. If you're a jewelry retailer, you're feeling it. I know some of these businesses because we're in them. Yeah, it's being felt, but it will be felt big time more if we don't do something about it, what's going on.

We've got more productive capacity now than we ever have.