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

If you have a harem of 40 women, you never get to know any of them very well.

I do not like debt and do not like to invest in companies that have too much debt, particularly long-term debt. With long-term debt, increases in interest rates can drastically affect company profits and make future cash flows less predictable.

If you own a wonderful business...the best thing to do is keep it. All you're going to do is trade your wonderful business for a whole bunch of cash, which isn't as good as the business, and you got the problem of investing in other businesses, and you probably paid a tax in between. So my advice to anybody who owns a wonderful business is keep it.

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.

People will always try to stop you from doing the right thing if it is unconventional.

Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.