Our favorite holding period is forever.

Our approach is very much profiting from lack of change rather than from change.

In some corner of the world they are probably still holding regular meetings of the Flat Earth Society. We derive no comfort because important people, vocal people, or great numbers of people agree with us. Nor do we derive comfort if they don't.

There are a few investment managers, of course, who are very good - though in the short run, it's difficult to determine whether a great record is due to luck or talent. Most advisors, however, are far better at generating high fees than they are at generating high returns. In truth, their core competence is salesmanship. Rather than listen to their siren songs, investors - large and small - should instead read Jack Bogle's The Little Book of Common Sense Investing.

I think I could make you fifty percent a year on one million dollars. No, I know I could. I guarantee that.

I don't think you can have a better secretary of the Treasury than Hank Paulson.

There is nothing like writing to force you to think and get your thoughts straight.