Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.

Don't invest in pieces of papers (stocks), invest in great businesses underlying them

I want to be able to explain my mistakes. This means I do only the things I completely understand.

You've got the right - you've got a wonderful person with Sheila Bair, most of the viewers have never heard of Sheila Bair. [She] has taken eight percent of the deposits in the United States and seamlessly moved those over to sound institutions which in turn have gotten more capital, ended up, it's been a magnificent job.She'll never get a golden parachute or any severance pay or anything. She's done a great job. We've got some great public servants. We have I think the right people in there to get the job done, and then they need more tools.

Do not take yearly results too seriously. Instead, focus on four or five-year averages.

We are trading away a little bit of our country all the time for this access consumption that we have over what we've produced. That is not good. I think it's terrible over time. But our country's productive grows enough so we actually can do that, and we'll still be better off. We just don't be as well off as if we hadn't done it.

Be fearful when there is greed and be greedy when there is fear.