Don't invest in pieces of papers (stocks), invest in great businesses underlying them

I've seen more people fail because of liquor and leverage -- leverage being borrowed money. You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing.

If you can't read the scoreboard. You don't know the score. If you don't know the score, you can't tell the winners from the losers.

I don't like what's going on with the executive compensation.

In a difficult business, no sooner is one problem solved than another surfaces - never is there just one cockroach in the kitchen.

The one piece of advice I can give you is, do what turns you on. Do something that if you had all the money in the world, you’d still be doing it. You’ve got to have a reason to jump out of bed in the morning.

You get in a lot of trouble when you start putting fictitious numbers.