There are all kinds of businesses that Charlie and I don't understand, but that doesn't cause us to stay up at night. It just means we go on to the next one, and that's what the individual investor should do.

How do you beat Bobby Fischer? You play him at any game but chess. I try to stay in games where I have an edge.

You know, people talk about this being an uncertain time. You know, all time is uncertain. I mean, it was uncertain back in - in 2007, we just didn't know it was uncertain. It was - uncertain on September 10th, 2001. It was uncertain on October 18th, 1987, you just didn't know it.

During inflation, Goodwill is the gift that keeps on giving.

We have provided capital here with a couple of institutions recently. The Federal government did that in the '30s for the RFC and I think there could well be a proper role for government in that.

I find that the standard of living does not go up in proportion with the cost of living. The trick in life is to do things that are fun all the time.

Basically, the single-most important decision in evaluating a business is pricing power.