It irritates the hell out of me but you can't buy love.

The smartest side to take in a bidding war is the losing side.

Activity is the enemy of investment returns.

The ideal business is one that earns very high returns on capital and that keeps using lots of capital at those high returns. That becomes a compounding machine.

A pin lies in wait for every bubble and when the two eventually meet, a new wave of investors learns some very old lessons.

First, many in Wall Street - a community in which quality control is not prized - will sell investors anything they will buy.

If I knew where I was going to want to live the next five or 10 years I would buy a home and I'd finance it with a 30-year mortgage... It's a terrific deal.