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.

Two rules: 1. Preserve the principal 2. When in doubt, see Rule #1.

There is nothing like writing to force you to think and get your thoughts straight.

The great personal fortunes in the country weren't built on a portfolio of fifty companies. They were built by someone who identified one wonderful business. With each investment you make, you should have the courage and the conviction to place at least 10% of your net worth in that stock.

I lose confidence in other people, all kinds of institutions.

I'll take the deal, whatever you want to do.

You could be somewhere where the mail was delayed three weeks and do just fine investing.