There is no question we have an access stock.

I look for businesses in which I think I can predict what they're going to look like in ten to fifteen years time. Take Wrigley's chewing gum. I don't think the internet is going to change how people chew gum.

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

There's not many businesses where someone can come in and offer to cut the price in half and somebody doesn't think about shifting. But that's the nature of the ratings business.

Of one thing be certain: if a CEO is enthused about a particularly foolish acquisition, both his internal staff and his outside advisors will come up with whatever projections are needed to justify his stance. Only in fairy tales are emperors told that they are naked.

We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely.

People always should know better. People don't get - they don't get smarter about things that get as basic as greed.