I would push purchasing power - you push out $1,000 of purchasing to those people, it's going to get - it's going to get spent. And it needs to be spent. They need it. And it should come, to some extent, from guys like me.

I am not in the business of predicting general stock market of business fluctuations. If you think I can do this, or think it is essential to an investment program, you should not be in the partnership.

I make no effort to predict the course of general business or the stock market. Period. However, currently there are practices snowballing in the security markets and business world which, while devoid of short term predictive value, bother me as to possible long term consequences.

Much success can be attributed to inactivity. Most investors cannot resist the temptation to constantly buy and sell.

Mr. Market is your servant, not your guide.

If you buy the things you don't need, you will soon be selling the things that you need.

It takes 150 years to build an investment bank and only five minutes to convince you to sell me preferred stock in it at a 10% interest rate.