The (stock) market is there only as a reference point to see if anybody is offering to do anything foolish. When we invest in stocks, we invest in businesses.

Shares are not mere pieces of paper. They represent part ownership of a business. So, when contemplating an investment, think like a prospective owner.

We don't read other people's opinions. We want to get the facts, and then think.

I make no effort to predict the course of general business or the stock market. Period. However, currently there are practices snowballing in the security markets and business world which, while devoid of short term predictive value, bother me as to possible long term consequences.

You have no ability, if you're a financial institution and you're threatened with criminal prosecution, you have no ability to negotiate.

In the insurance business, there is no statute of limitation on stupidity.

You can't stand to see your neighbor getting rich. You know you're smarter than he is and he's doing these things and he's getting rich.