It's better to hang out with people better than you. Pick out associates whose behavior is better than yours and you'll drift in that direction.

The best thing that happens to us is when a great company gets into temporary trouble...We want to buy them when they're on the operating table.

Investment philosophy is the clear understanding that by owning shares of stocks he owns businesses, not pieces of paper.

Our goal is to find an outstanding business at a sensible price, not a mediocre business at a bargain price.

So smile when you read a headline that says "Investors lose as market falls." Edit it in your mind to "Disinvestors lose as market falls-but investors gain." Though writers often forget this truism, there is a buyer for every seller and what hurts one necessarily helps the other. (As they say in golf matches: "Every putt makes someone happy.")

An IPO is like a negotiated transaction - the seller chooses when to come public - and it's unlikely to be a time that's favourable to you.

Like I say, I don't think it'll be done perfectly. Maybe we'll end up with a little bit better [economy] system.