Everybody's got a different circle of competence. The important thing is not how big the circle is. The important thing is staying inside the circle.

The best investment you can make is in yourself.

Always associate yourself with people who are better than you.

People went crazy with tulip bulbs. They went crazy with the South Sea Bubble, they went crazy internet stocks, they went crazy with the uranium stocks back when I was first getting started.

I never buy anything unless I can fill out on a piece of paper my reasons. I may be wrong, but I would know the answer to that ...I'm paying $32 billion today for the Coca Cola Company because... If you can't answer that question, you shouldn't buy it. If you can answer that question, and you do it a few times, you'll make a lot of money.

We've had public companies in the past in that business and they bleed. We've got a lot more blood than they do.

I would say the biggest single cause was we had an incredible residential real estate bubble.