You can lose leverage, and it's the only way a smart guy can go broke.

One’s objective should be to get it right, get it quick, get it out and get it over. Your problem won’t improve with age.

Today people who hold cash equivalents feel comfortable. They shouldn't. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.

I look at everything. That's my job. I really do, every day. I think about everything.

We always see shifts in employment. If you think about it, if you go back to 1800, it took 80 percent of the labor force to produce enough food for the country. Now it takes less than 3 percent. Well, the truth is that market systems move people around.

You pay a very high price in the stock market for a cheery consensus.

Does the business have favourable long term prospects?