Ignore the stock market, ignore the economy, and buy a business you understand.

I can do anything I want, basically, as long as it doesn't involve athletic ability, or something like that.

There seems to be some perverse human characteristic that likes to make easy things difficult.

Wild swings in share prices have more to do with the "lemming- like" behaviour of institutional investors than with the aggregate returns of the company they own.

If you're in a card game and you can't figure out who the patsy is, you're it.

Is management rational?

[The U.S. Treasury] can borrow basically unlimited amounts. They can stay there for years and years. These assets will be worth more money over time. So when Merrill Lynch sells a bunch of mortgage-related assets at 22 cents on the dollar like they did a month or so ago, the buyer goes - is going to make money, and he's going to make a lot more money if it happens to be an institution like the U.S. government which has very, very cheap borrowing costs.