Wall Street makes its money on activity. You make your money on inactivity.

If you lose money for the firm, I will be forgiving. If you lose reputation, I will be ruthless.

You can be sure that over the next 10 years, you'll see something that you did not think was possible.

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

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.

Is management rational?

We do not view the company itself as the ultimate owner of our business assets but instead view the company as a conduit through which our shareholders own assets.