In other words, the percentage change in book value in any given year is likely to be reasonably close to that year's change in intrinsic value.

It is easier to rationalize than it is to be rational.

Our favorite holding period is forever.

If you own a wonderful business...the best thing to do is keep it. All you're going to do is trade your wonderful business for a whole bunch of cash, which isn't as good as the business, and you got the problem of investing in other businesses, and you probably paid a tax in between. So my advice to anybody who owns a wonderful business is keep it.

The American worker is more productive than he's ever been.

Can you know you can have institutions that put curbs on that in various ways, and actually what the banks, you know, they have various capital ratios and that sort of thing, but the banks got around them, I mean, they set up sieves and that sort of thing just to get more leverage. People love leverage when it's working. I mean, it's so easy to borrow money from a guy at X and put it out at X.

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