The only time to buy these is on a day with no 'y' in it.

There is no staff. I make all the investment decisions and I do all my own analysis.

[W]e think the very term 'value investing' is redundant. What is 'investing' if it is not the act of seeking value at least sufficient to justify the amount paid? Consciously paying more for a stock than its calculated value -- in the hope that it can soon be sold for a still-higher price -- should be labeled speculation (which is neither illegal, immoral nor -- in our view -- financially fattening).

You don't need to be an expert in order to achieve satisfactory investment returns. But if you aren't, you must recognize your limitations and follow a course certain to work reasonably well. Keep things simple and don't swing for the fences.

Buy a business, don't rent stocks.

If AIG had tried to unwind their derivatives books. I don't know. It would have hit every institution in the world.

I really like my life. I've arranged my life so that I can do what I want.