When we went crazy, and we did go crazy on residential real estate, it set things in motion that just - the dominoes started toppling.

I checked the actuarial tables, and the lowest death rate is among six-year-olds. So I decided to eat like a six-year-old.

You get what I call the natural progression, the three Is. The innovators, the imitators, and the idiots.

The managers at fault periodically report on the lesson they have learned from the latest disappointment. They then usually seek out future lessons.

The most important thing in terms of your circle of competence is not how large the area of it is, but how well you've defined the perimeter.

If you don't make mistakes you can't make decisions.

Investors should remember that their scorecard is not computed using Olympic-diving methods: Degree-of-difficulty doesn't count. If you are right about a business whose value is largely dependent on a single key factor that is both easy to understand and enduring, the payoff is the same as if you had correctly analyzed an investment alternative characterized by many constantly shifting and complex variables.