Only when the tide goes out do you discover who's been swimming naked.

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.

Interest rates are to asset prices what gravity is to the apple. When there are low interest rates, there is a very low gravitational pull on asset prices.

The ideal business is one that earns very high returns on capital and that keeps using lots of capital at those high returns. That becomes a compounding machine.

I don't want to hold out false hopes that the - by some magic moment, that things will turn around in a couple months because they wouldn't, Charlie. I mean, and it's a big mistake to try and mislead people.

It's easy to identify many investment managers with great recent records. But past results, though important, do not suffice when prospective performance is being judged. How the record has been achieved is crucial.

What you really want to do in investments is figure out what's important and knowable. If it's unimportant or unknowable you forget about it.