John Maynard Keynes essentially said, don't try and figure out what the market is doing. Figure out a business you understand, and concentrate.

House prices just soared beyond - beyond reason in many places and they got financed in silly ways, and people lied about loans, all kinds of accesses entered into it. But that is what - that is the single biggest cause of why we're here.

Basically, the single-most important decision in evaluating a business is pricing power.

The patient that's on the floor with the cardiac arrest is not Wall Street. It's the American economy.

It makes a difference who the treasury secretary is.

In my opinion, the entire field of investment management, involving hundreds of billions of dollars, would be more satisfactorily conducted if everyone had a good yardstick for measurement of ability and sensibly applied it.

You ought to be able to explain why you’re taking the job you’re taking, why you’re making the investment you’re making, or whatever it may be. And if it can’t stand applying pencil to paper, you’d better think it through some more. And if you can’t write an intelligent answer to those questions, don’t do it.