We've got more productive capacity now than we ever have.

Outstanding long-term results are produced primarily by avoiding dumb decisions, rather than by making brilliant ones.

It's the deleveraging that's going on right now that has caused the credit crisis.

I mean, they were getting the mortgage of some guy in Omaha, you know, securitized a couple of times. I mean he had all these - they had all these types from Wall Street, you know, and they had advanced degrees, and they look very alert, and they came with these - they came with these things that said gamma and alpha and sigma and all that. And all I can say is beware of geeks, you know, bearing formulas. They've heard that in Europe.

I've never been very fully employed either.

Risk can be greatly reduced by concentrating on only a few holdings.

Government can't deliver a free lunch to the country as a whole. It can, however, determine who pays for lunch. And last week the Senate handed the bill to the wrong party... the poor and middle class.