When the brothel burns down, even the pretty girls have to run out.

We have to live with the rest of the world. And it's a mistake, in my view. Trade has generally developed in this country. We actually export 12 or 13 percent of our GDP. It was only 5 percent in 1970. But it benefits us. It benefits the rest of the world. It doesn't benefit the steelworker maybe in Ohio. And that's the problem that has to be addressed, because when you have something that's good for society, but terribly harmful for given individuals, we have got to make sure those individuals are taken care of.

Sound investing can make you very wealthy if you're not in too big a hurry

The most important investment you can make is in yourself. Very few people get anything like their potential horsepower translated into the actual horsepower of their output in life. Potential exceeds realization for many people...The best asset is your own self. You can become to an enormous degree the person you want to be.

It is more important to say "no" to an opportunity, than to say "yes".

I think the FDIC was one of the great inventions of the American.

Wide diversification is only required when investors do not understand what they are doing.