If we have a strength, it is in recognizing when we are operating well within our circle of competence and when we are approaching the perimeter.

Derivatives are like sex. It's not who we're sleeping with, it's who they're sleeping with that's the problem.

The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price.

Good big decisions do not take time at all, if they do you are in trouble.

There is no question that an important service is provided to investors by investment companies, investment advisors, trust departments, etc. This service revolves around the attainment of adequate diversification, the preservation of a long-term outlook, the ease of handling investment decisions and mechanics, and most importantly, the avoidance of the patently inferior investment techniques which seem to entice some individuals.

If you can't read the scoreboard. You don't know the score. If you don't know the score, you can't tell the winners from the losers.

I think what people understand there probably - well, they were hoping the private sector would do it [rescuing AIG ].