Activity is the enemy of investment returns.

I have three boxes on my desk: In, Out, and Too Hard.

I think I could make you fifty percent a year on one million dollars. No, I know I could. I guarantee that.

In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.

I've already written a section in the annual report for next year explaining why I think in one case that the figures on our balance sheet as calculated are wrong. But it's the standard way of doing it. It's holy writ. The SEC wants us to do it that way, and we'll do it that way, and I'll explain why I think it's wrong and shareholders can read it and see whether they agree with my logic or don't.

We like to buy businesses, but we don't like to sell them.

Games are won by players who focus on the playing field -- not by those whose eyes are glued to the scoreboard.