If you can eliminate the government as a 39.6% partner, then you will be much better off.

Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.

You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing. I've never borrowed a significant amount of money in my life. Never. Never will. I've got no interest in it.

In my view, [the trade deficit] will create political turmoil at some point...Pretty soon, I think there will be a big adjustment.

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

Other guys read Playboy. I read annual reports.

I buy expensive suits - they just look cheap on me.