I have always cautioned partners that I considered three years a minimum in determining whether we were "performing".

There is no perfect mathematical formula for pricing a business.

I mean, in terms of alternatives, some people have suggested for example that why don't we - why isn't America doing what Berkshire Hathaway is doing? Why isn't that a better deal for America?

You're neither right nor wrong because other people agree with you. You're right because your facts are right and your reasoning is right - that's the only thing that makes you right. And if your facts and reasoning are right, you don't have to worry about anybody else.

Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.

Trust is like the air we breathe--when it's present, nobody really notices; when it's absent, everybody notices.

Our approach is very much profiting from lack of change rather than from change.