I've never been very fully employed either.

It's not debt per say that overwhelms an individual corporation or country. Rather it is a continuous increase in debt in relation to income that causes trouble.

Take the probability of loss times the amount of possible loss from the probability of gain times the amount of possible gain. That is what we're trying to do. It's imperfect, but that's what it's all about.

Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life.

The trick is, when there is nothing to do, do nothing.

In the long run managements stressing accounting appearance over economic substance usually achieve little of either.

Buy into a company because you want to own it, not because you want the stock to go up.