In that, we agreed with Andrew Carnegie, who said that huge fortunes that flow in large part from society should in large part be returned to society. In my case, the ability to allocate capital would have had little utility unless I lived in a rich, populous country in which enormous quantities of marketable securities were traded and were sometimes ridiculously mispriced. And fortunately for me, that describes the U.S. in the second half of the last century.

I mean, you know, you're not going to change the human animal. And the human animal really doesn't get a lot smarter.

Investment students need only two well-taught courses - How to Value a Business and How to Think About Market Prices

All day you wait for the pitch you like; then when the fielders are asleep, you step up and hit it.

Honesty is a very expensive gift, Don't expect it from cheap people.

Successful Investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: You can't produce a baby in one month by getting nine women pregnant.

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