As I have mentioned before, we cannot make the same sort of money out of permanent ownership of controlled businesses that can be made from buying and reselling such businesses, or from skilled investment in marketable securities. Nevertheless, they offer a pleasant long term form of activity (when conducted in conjunction with high grade, able people) at satisfactory rates of return.

The secret is to find what you love to do.I mean, I tell the students look for the job that you would take if you didn't need a job. I mean, it's that simple. And I was lucky enough to find it very early in life. And then the second thing is to have people around you that make feel good every day, and make you a better person than you otherwise would be.

Paradoxically, when 'dumb' money acknowledges its limitations, it ceases to be dumb.

My friends and I have been coddled long enough by a billionaire-friendly Congress.

In other words, the percentage change in book value in any given year is likely to be reasonably close to that year's change in intrinsic value.

I think confidence will come back.

It’s not that I want money. It’s the fun of making money and watching it grow.