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.

Beware [of] the investment activity that produces applause; the great moves are usually greeted by yawns.

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

An investor should ordinarily hold a small piece of an outstanding business with the same tenacity that an owner would exhibit if he owned all of that business.

Diversification is protection against ignorance. It makes little sense if you know what you are doing.

Equities will do well over time - you just have to avoid getting excited when other people are getting excited.

I have this complicated procedure I go through every morning, which is to look in the mirror and decide what I'm going to do. And I feel at that point, everybody's had their say.