The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball.

It's us fun being a horse when the tractor comes along, or the blacksmith when the car comes along.

In the long run managements stressing accounting appearance over economic substance usually achieve little of either.

Derivatives are like sex. It's not who we're sleeping with, it's who they're sleeping with that's the problem.

Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.

Take Wrigley's Chewing Gum. I don't think the Internet is going to change how people chew gum.

Calculate "owner earnings" to get a true reflection of value.