We will prosper or suffer in controlled investments in relation to the operating performances of our businesses - we will not attempt to profit by playing various games in the securities markets.

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

I never try to predict the market.

I mean, you can explain the fact that these are depressed prices, you know. We think these assets are going to be worth a lot more. And I think that case can be made in certain situations. But I think to just say, you know, we're going to say a dollar of cash is worth $2 all of a sudden, it isn't worth $2. It's worth a dollar today.

I think you'll have plenty of scrutiny as how the money's invested. I mean, just like the RFC. When the RFC operated, people knew which institutions they were buying preferred stock in. And it worked very well.

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

In a commodity business, it's very hard to be smarter than your dumbest competitor.