We always live in an uncertain world. What is certain is that the United States will go forward over time.

Banking is very good business if you don't do anything dumb.

In other words, the percentage change in book value in any given year is likely to be reasonably close to that year's change in intrinsic value.

Enjoy your work and work for whom you admire.

Does the business have a consistent operating history?

If you want a government that's going to do the things we ask our government to do, you've got to get it from somebody.

Investing is the greatest business in the world because you never have to swing. You stand at the plate; the pitcher throws you General Motors at 47! U.S. Steel at 39! And nobody calls a strike on you. There's no penalty except opportunity. All day you wait for the pitch you like; then, when the fielders are asleep, you step up and hit it.