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

Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.

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.

If you own the only newspaper in town, up until the last five years or so, you have pricing power and you didn't have to go to the office.

That would be nice if [people] stuck [treasury bills] all under a mattress, but they got to buy something with them. Sometimes they buy a treasury note, sometimes they set up sovereign wealth funds. They can do all kinds of things. They can buy our companies here. As long as we consume more than we produce, and we trade away little pieces of the country daily, they're going to own something. Now, they can't run from American assets. I mean every day the rest of the world is going to have about two billion more of American assets than we have, as long as they sell us these goods.

The smartest side to take in a bidding war is the losing side.

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