We've used derivatives for many, many years. I don't think derivatives are evil, per se, I think they are dangerous.

Accounting is the language of business.

I look for businesses in which I think I can predict what they're going to look like in ten to fifteen years time. Take Wrigley's chewing gum. I don't think the internet is going to change how people chew gum.

I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates were 39.9 percent in 1976-77 - shy away from a sensible investment because of the tax rate on the potential gain.

Having a large amount of leverage is like driving a car with a dagger on the steering wheel pointed at your heart. If you do that, you will be a better driver. There will be fewer accidents but when they happen, they will be fatal.

When you combine ignorance and leverage, you get some pretty interesting results.

The real fortunes in this country have been made by people who have been right about the business they invested in, and not right about the timing of the stock market.