In our view, though, investment students need only two well-taught courses-How to Value a Business, and How to Think about Market Prices. Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business who's earnings are virtually certain to be materially higher five, ten and twenty years from now.

A home is one of the most important assets that most people will ever buy. Homes are also where memories are made and you want to work with someone you can trust.

The most important thing in terms of your circle of competence is not how large the area of it is, but how well you've defined the perimeter.

Buy stocks like you buy your groceries, not like you buy your perfume.

Never get too hung up on mistakes.

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.

Americans are in a cycle of fear which leads to people not wanting to spend and not wanting to make investments, and that leads to more fear. We'll break out of it. It takes time.