Never lie under any circumstances.

If I were the treasury secretary or head of the Fed, you know, I would try to scare the hell the out of the private sector and say, you better save this because you're going down with the ship.

For some reason people take their cues from price action rather than from values. Price is what you pay. Value is what you get.

I'll bring my tax returns; you bring yours. I'll meet you anytime anywhere.

Too often, a vast collection of possessions ends up possessing its owner. The asset I most value, aside from health, is interesting, diverse, and long-standing friends.

Is management rational?

If we start deciding, based on guesses or emotions, whether we will or won't participate in a business where we should have some long run edge, we're in trouble.