I am not worried about the country. I'm just worried about anything that gums up the potential of the country. And right now, it's pretty gummed up.

I have no use whatsoever for projections or forecasts. They create an illusion of apparent precision. The more meticulous they are, the more concerned you should be. We never look at projections, but we care very much about, and look very deeply at, track records. If a company has a lousy track record, but a very bright future, we will miss the opportunity.

Our favorite holding period is forever.

Investment students need only two well-taught courses - How to Value a Business and How to Think About Market Prices

I think the oversight is great, and I think that oversight ought to be devoted almost entirely to the question is this being done at market you know. In other words, you want to make sure that the government isn't investing foolishly. But you don't want to care about which congressional districts it goes to or whether banks get favored over.

The nature of democracy is such that when there's - there'll be revulsion, obviously, towards - that's never going to happen again.

A hyperactive stock market is the pickpocket of enterprise.