The key to success is emotional stability.

Other guys read Playboy. I read annual reports.

Be fearful when the markets get greedy, be greedy when the markets get fearful.

There's not many businesses where someone can come in and offer to cut the price in half and somebody doesn't think about shifting. But that's the nature of the ratings business.

Only when the tide goes out do you discover who's been swimming naked.

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 like to go for cinches. I like to shoot fish in a barrel. But I like to do it after the water has run out.