A stock doesn't know that you own it.

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.

If you were at Lehman, the same thing happened. If you were at AIG, the shareholders are getting creamed on these things. And those shareholders are not just a bunch of big shots in Wall Street. Those are pension funds, and those are investors all over the country. I wouldn't worry too much about that. Justice won't be perfect on it.

I would say the biggest single cause was we had an incredible residential real estate bubble.

If you want your business to survive for 100 years, you've got to make it through every single day for 100 years. It's not enough to do it 99.9% of the time.

When I take a look at a company's annual report, if I don't understand it, they don't want me to understand it.

An investor needs to do very few things right as long as he or she avoids big mistakes.