We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely.

With housing it's something even more dramatic than that, because most people aspire to own their own home.If you really think that houses prices are going to go up next year and the year after, you feel if I don't buy it this year, I'm going to have to buy it next year.That's not true of an Internet stock. But it's true of a home.

An investor will succeed by coupling good business judgment with an ability to insulate his thoughts and behavior from the super-contagious emotions that swirl about the marketplace.

You're dealing with a lot of silly people in the marketplace; it's like a great big casino and everyone else is boozing. If you can stick with Pepsi, you should be OK.

Market price, while used exclusively to value our investments in minority positions, is not a relevant factor when applied to our controlling interests.

I mean, you may be very mad at some guy that walked away with a huge golden parachute, but that really isn't the important thing.

As of 1992, in fact-though the picture would have improved since then-the money that had been made since the dawn of aviation by all of this country's airline companies was zero. Absolutely zero.