I have no idea on timing. It’s easier to tell what will happen than when it will happen. I would say that what is going on in terms of trade policy is going to have very important consequences.

Knowing the edge of your competency is important. If you think you know more than you do, you will get in trouble.

When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.

Never lie under any circumstances.

It's never paid to bet against America.

An IPO is like a negotiated transaction - the seller chooses when to come public - and it's unlikely to be a time that's favourable to you.

If you can eliminate the government as a 39.6% partner, then you will be much better off.