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

If you lose money for the firm, I will be forgiving. If you lose reputation, I will be ruthless.

I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.

We have a country where I don't know whether it's a million households a year or more, but good form.

Long ago, Ben Graham taught me that "Price is what you pay; value is what you get." Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.

When we went crazy, and we did go crazy on residential real estate, it set things in motion that just - the dominoes started toppling.

There's nothing inappropriate about having debt in America. It's what helped us grow over time. And it's when debt gets out of control that you worry.