If we start deciding, based on guesses or emotions, whether we will or won't participate in a business where we should have some long run edge, we're in trouble.

You are neither right nor wrong because the crowd disagrees with you.

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

Never invest in a business you can't understand

Be brave when others are afraid, and afraid when others are brave.

You have hedge funds and people like that buying these assets to yield 15 or 20 percent, I mean, that's the buyer for these people that are trying to unload them.

The capital gains tax is 15 percent now. So I sit there in my office and I make a lot of money by capital gains, and I pay 15 percent, and I pay no payroll tax on it.