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.

If you buy things you do not need, soon you will have to sell things you need.

If you have more than 120 or 130 I.Q. points, you can afford to give the rest away. You don't need extraordinary intelligence to succeed as an investor.

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.

If AIG had tried to unwind their derivatives books. I don't know. It would have hit every institution in the world.

I never try to predict the market.

You are lucky in life if you have the right heroes. I advise all of you, to the extent you can, to pick out a few heroes