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

I am a better investor because I am a businessman, and a better businessman because I am no investor.

The banking business is no favorite of ours. When assets are twenty times equity - a common ratio in this industry - mistakes that involve only a small portion of assets can destroy a major portion of equity. And mistakes have been the rule rather than the exception at many major banks.

I have no idea on timing. It’s easier to tell what will happen than when it will happen. I would say that what is going on in terms of trade policy is going to have very important consequences.

As an investor with small capital, one should prefer businesses that have high returns on capital and that require little incremental investment to grow.

Managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.