As far as you are concerned, the stock market does not exist. Ignore it.

The big question about how people behave is whether they've got an Inner Scorecard or an Outer Scorecard. It helps if you can be satisfied with an Inner Scorecard.

The greater the potential for reward in the value portfolio, the less risk there is.

We're still in a recession. We're not gonna be out of it for a while, but we will get out.

If some institution wants to sell you a billion dollars worth of mortgages, they might have to sell 100 million in the market, and then you'll buy the other 900 million on the same terms. Now, the very fact that this has been authorized or will be authorized, I hope, will firm up the market to some degree. And that's fine. But you don't want to have artificial prices being paid.

Accounting is the language of business.

It is madness to risk losing what you need in pursuing what you simply desire.