A lot of people disagree with me on this, I believe in mark to market.

The capital gains tax is 15 percent now. So I sit there in my office and I make a lot of money by capital gains, and I pay 15 percent, and I pay no payroll tax on it.

If you've got a good enough business, if you have a monopoly newspaper, if you have a network television station - I'm talking of the past - you know, your idiot nephew could run it. And if you've got a really good business, it doesn't make any difference.

You do not adequately protect yourself by being half awake when other are sleeping.

Market prices for stocks fluctuate at great amplitudes around intrinsic value but, over the long term, intrinsic value is virtually always reflected at some point in market price.

No matter how great the talent or efforts, some things just take time.

A pack of lemmings looks like a group of rugged individualists compared with Wall Street when it gets a concept in its teeth.