Never test the depth of river with both the feet.

A lot of people disagree with me on this, I believe in mark to market.

Well, it may be all right in practice, but it will never work in theory

So some guy may know how to make money in cocoa beans, but I don't so I just let him have that. But it's got to be something I understand. It's got to be a business with fundamentally good economics. It's got to be a management that I like and trust and admire. And it's got to be a price that makes sense.

The greater the potential for reward in the value portfolio, the less risk there is.

My net worth is the market value of holdings less the tax payable upon sale. The liability is just as real as the asset unless the value of the asset declines (ouch), the asset is given away (no comment), or I die with it. The latter course of action would appear to at least border on a Pyrrhic victory.

I did not think I would see the day when, you know, an AIG would not be able to have its checks clear.