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

Don't invest in pieces of papers (stocks), invest in great businesses underlying them

If you own a wonderful business...the best thing to do is keep it. All you're going to do is trade your wonderful business for a whole bunch of cash, which isn't as good as the business, and you got the problem of investing in other businesses, and you probably paid a tax in between. So my advice to anybody who owns a wonderful business is keep it.

I'm putting all my money in the Chinese toy market.

Only when the tide goes out do you discover who's been swimming naked.

Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.

Generally, we have translated greater output in the few hours of work per week over the last century. And that's a good trend of the future. But we do have to have a system that, as output of goods and services keeps increasing per capita, that it takes care of the people who are willing to work and really are not getting by very well with a family on a 40-hour week.