I mean, they were getting the mortgage of some guy in Omaha, you know, securitized a couple of times. I mean he had all these - they had all these types from Wall Street, you know, and they had advanced degrees, and they look very alert, and they came with these - they came with these things that said gamma and alpha and sigma and all that. And all I can say is beware of geeks, you know, bearing formulas. They've heard that in Europe.

Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.

You don't have to be a genius to invest well

Wild swings in share prices have more to do with the "lemming- like" behaviour of institutional investors than with the aggregate returns of the company they own.

It isn't given to man to be able to run a financial institution where different interest-rate scenarios will prevail on all of that so as to produce kind of smooth, regular earnings from a very large base to start with.

We don't get paid for being busy, we get paid for being right.

Managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.