We've used up a lot of bullets. And we talk about stimulus. But the truth is, we're running a federal deficit that's 9 percent of GDP. That is stimulative as all get out. It's more stimulative than any policy we've followed since World War II.

I prefer liquor store robbers with hungry kids to companies that locate offshore to avoid U.S. taxes.

The most common cause of low prices is pessimism - some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It's optimism that is the enemy of the rational buyer.

Managers thinking about accounting issues should never forget one of Abraham Lincoln's favorite riddles: How many legs does a dog have, if you call a tail a leg? The answer: Four, because calling a tail a leg doesn't make it a leg.

We would do best in a market where everyone acted foolishly.

Read Ben Graham and Phil Fisher read annual reports, but don't do equations with Greek letters in them.

The stockmarket is a semi-psychotic creature given to extremes of elation and despair.