The U.S. Treasury has got borrowing costs like nobody else has.

Never test the depth of river with both the feet.

The nature of democracy is such that when there's - there'll be revulsion, obviously, towards - that's never going to happen again.

Never risk what you have and need for what we don't have and don't need.

When a management with reputation for brilliance gets hooked up with a business with a reputation for bad economics, it's the reputation of the business that remains intact.

I think what people understand there probably - well, they were hoping the private sector would do it [rescuing AIG ].

As I have mentioned before, we cannot make the same sort of money out of permanent ownership of controlled businesses that can be made from buying and reselling such businesses, or from skilled investment in marketable securities. Nevertheless, they offer a pleasant long term form of activity (when conducted in conjunction with high grade, able people) at satisfactory rates of return.