That's the reality of what they're going to sell them to the Treasury for.

I view derivatives as time bombs, both for the parties that deal in them and the economic system.

You ought to be able to explain why you’re taking the job you’re taking, why you’re making the investment you’re making, or whatever it may be. And if it can’t stand applying pencil to paper, you’d better think it through some more. And if you can’t write an intelligent answer to those questions, don’t do it.

Never be afraid to ask for too much when selling or offer too little when buying.

Someone is sitting in the shade today because someone planted a tree a long time ago.

Life is like a snowball. The important thing is finding wet snow and a really long hill.

In other words, the percentage change in book value in any given year is likely to be reasonably close to that year's change in intrinsic value.