Investors, of course, can, by their own behavior make stock ownership highly risky. And many do. Active trading, attempts to "time" market movements, inadequate diversification, the payment of high and unnecessary fees to managers and advisors, and the use of borrowed money can destroy the decent returns that a life-long owner of equities would otherwise enjoy. Indeed, borrowed money has no place in the investor's tool kit.

We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely.

When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.

Wide diversification is only required when investors do not understand what they are doing.

I don't measure my life by the money I've made. Other people might, but certainly don't.

You have no ability, if you're a financial institution and you're threatened with criminal prosecution, you have no ability to negotiate.

I think the most important factor in getting out of the recession actually is just the regenerative capacity of - of American capitalism.