It's never paid to bet against America. We come through things, but its not always a smooth ride.

In our view, though, investment students need only two well-taught courses-How to Value a Business, and How to Think about Market Prices. Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business who's earnings are virtually certain to be materially higher five, ten and twenty years from now.

Always invest for the long term.

I think the rest of the country should be paying less, the 95 percent that [Barack] Obama talks about or maybe even a little higher than that.

Either they're trying to con you or they're trying to con themselves.

What's going to happen - things we're doing are going to have some inflationary consequences.

Calculate "owner earnings" to get a true reflection of value.