I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.

The greater the potential for reward in the value portfolio, the less risk there is.

Take the probability of loss times the amount of possible loss from the probability of gain times the amount of possible gain. That is what we're trying to do. It's imperfect, but that's what it's all about.

It's not debt per say that overwhelms an individual corporation or country. Rather it is a continuous increase in debt in relation to income that causes trouble.

When we went crazy, and we did go crazy on residential real estate, it set things in motion that just - the dominoes started toppling.

It's easier to create money than to spend it.

Too often, a vast collection of possessions ends up possessing its owner.