We also believe candour benefits us as managers. The CEO who misleads often in public eventually misleads himself in private.

There's always a mismatch. I mean, you know, as the economy evolves, it reallocates resources. Now, the real problem, in my view, is - this has been - the prosperity has been unbelievable for the extremely rich people. If you go to 1982, when Forbes put on their first 400 list, those people had $93 billion. They now they have $2.4 trillion, 25 for one. That is - this has been a prosperity that's been disproportionately rewarding to the people on top.

Turnarounds seldom turn.

You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.

I think the rest of the country should be paying less, the 95 percent that [Barack] Obama talks about or maybe even a little higher than that.

You’d get very rich if you thought of yourself as having a card with only twenty punches in a lifetime, and every financial decision used up one punch. You’d resist the temptation to dabble. You’d make more good decisions and you’d make more big decisions.

All day you wait for the pitch you like; then when the fielders are asleep, you step up and hit it.