I certainly have no desire to sell a good controlled business run by people I like and admire, merely to obtain a fancy price. However, specific conditions may cause the sale of one operating unit at some point.

Derivatives are like sex. It's not who we're sleeping with, it's who they're sleeping with that's the problem.

My rather puritanical view is that any investment manager, whether operating as broker, investment counselor of a trust department, investment company, etc., should be willing to state unequivocally what he is going to attempt to accomplish and how he proposes to measure the extent to which he gets the job done.

We will reject interesting opportunities rather than over-leverage our balance sheet.

The smarter the journalists are, the better off society is.

The investor of today does not profit from yesterday's growth.

Don't risk what is important to you, to get what is not important to you.