Gold is a way of going long on fear, and it has been a pretty good way of going long on fear from time to time. But you really have to hope people become more afraid in a year or two years than they are now. And if they become more afraid you make money, if they become less afraid you lose money, but the gold itself doesn’t produce anything.

It is madness to risk losing what you need in pursuing what you simply desire.

Never depend on a single source of income.

The managers at fault periodically report on the lesson they have learned from the latest disappointment. They then usually seek out future lessons.

I like to go for cinches. I like to shoot fish in a barrel. But I like to do it after the water has run out.

A lot of great fortunes in the world have been made by owning a single wonderful business. If you understand the business, you don't need to own very many of them.

... it's important to have the right monetary policy. It's important for, to have the right fiscal policy. But it's nowhere near as important as just the normal regenerative capacity of American capitalism.