I've read about all the sales today. If you're an auto dealer, you're feeling it. If you're a furniture retailer like we are, you're feeling it. If you're a jewelry retailer, you're feeling it. I know some of these businesses because we're in them. Yeah, it's being felt, but it will be felt big time more if we don't do something about it, what's going on.

My wealth has come from a combination of living in America, some lucky genes, and compound interest.

Market price, while used exclusively to value our investments in minority positions, is not a relevant factor when applied to our controlling interests.

I mean, in terms of alternatives, some people have suggested for example that why don't we - why isn't America doing what Berkshire Hathaway is doing? Why isn't that a better deal for America?

You're dealing with a lot of silly people in the marketplace; it's like a great big casino and everyone else is boozing. If you can stick with Pepsi, you should be OK.

Gold is a way of going long on fear, and it has been a pretty good way of going long on fear from time to time. But you really have to hope people become more afraid in a year or two years than they are now. And if they become more afraid you make money, if they become less afraid you lose money, but the gold itself doesn’t produce anything.

Basically, the single-most important decision in evaluating a business is pricing power.