A pin lies in wait for every bubble. And when the two eventually meet, a new wave of investors learns some very old lessons: First, many in Wall Street (a community in which quality control is not prized) will sell investors anything they will buy. Second, speculation is most dangerous when it looks easiest.

What motivates most gold purchasers is their belief that the ranks of the fearful will grow ... As 'bandwagon' investors join any party, they create their own truth - for a while.

What we really want to do is buy businesses that we would be happy to own forever.

I would say that an RFC-like thing might make sense. I probably would do it myself. But I don't think trying to combine that with what's going through now, I think what is needed now is liquidity.

I can't promise results, but I can promise a common destiny.

You are lucky in life if you have the right heroes. I advise all of you, to the extent you can, to pick out a few heroes

Read 500 pages every day. That's how knowledge works. It builds up like compound interest.