We need a tax system that essentially takes very good care of the people who just really aren't as well adapted to the market system but are nevertheless doing useful things in the society.

The American economy is going to do fine. But it won't do fine every year and every week and every month. I mean, if you don't believe that, forget about buying stocks anyway... It's a positive-sum game, long term. And the only way an investor can get killed is by high fees or by trying to outsmart the market.

Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.

In a difficult business, no sooner is one problem solved than another surfaces - never is there just one cockroach in the kitchen.

There is no substitute for a local newspaper that is doing its job.

I've learned mainly by reading myself. So I don't think I have any original ideas. Certainly, I talk about reading Graham. I've read Phil Fisher. So I've gotten a lot of my ideas from reading. You can learn a lot from other people. In fact, I think if you learn basically from other people, you don't have to get too many new ideas on your own. You can just apply the best of what you see.

You do not adequately protect yourself by being half awake when other are sleeping.