Our approach is very much profiting from lack of change rather than from change.

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

It's just that I landed up in a terrific capitalist system. One that pays people who allocate capital extraordinarily well. Intrinsically, I'm not worth as much as somebody who invents something that could improves people's life, or health or whatever.

I would say the biggest single cause was we had an incredible residential real estate bubble.

If, when making a stock investment, you're not considering holding it at least ten years, don't waste more than ten minutes considering it.

Your money can be inflated away but your knowledge and talent cannot.

I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.