In the long run managements stressing accounting appearance over economic substance usually achieve little of either.

We will only do with your money what we would do with our own.

I always invest in companies an idiot could run, because one day one will.

A pin lies in wait for every bubble and when the two eventually meet, a new wave of investors learns some very old lessons.

I always say that in investing you want to buy stock in a company that has a business that's so good that an idiot can run it, because sooner or later one will. We have a country like that.

If you're extremely rich, and you have got children, my theory was, you give them enough so they can do anything, but not enough so they can do nothing.

My favorite time frame for holding a stock is forever.