I think the most important factor in getting out of the recession actually is just the regenerative capacity of - of American capitalism.

You will be right, over the course of many transactions, if your hypotheses are correct, your facts are correct, and your reasoning is correct. True conservatism is only possible through knowledge and reason.

Would your reply possibly be this? Well, it all depends on what my tax rate will be on the gain you're saying we're going to make. If the taxes are too high, I would rather leave the money in my savings account, earning a quarter of 1 percent. Only in Grover Norquist's imagination does such a response exist.

Time is the friend of the wonderful company, the enemy of the mediocre.

You don't have to be a genius to invest well

We also believe candour benefits us as managers. The CEO who misleads often in public eventually misleads himself in private.

With each investment you make, you should have the courage and the conviction to place at least ten per cent of your net worth in that stock