The banking business is no favorite of ours. When assets are twenty times equity - a common ratio in this industry - mistakes that involve only a small portion of assets can destroy a major portion of equity. And mistakes have been the rule rather than the exception at many major banks.

I think what people understand there probably - well, they were hoping the private sector would do it [rescuing AIG ].

Investing is simple, but not easy.

I can't promise results, but I can promise a common destiny.

If you want a government that's going to do the things we ask our government to do, you've got to get it from somebody.

There are three important principles to Graham's approach. [The first is to look at stocks as fractional shares of a business, which] gives you an entirely different view than most people who are in the market. [The second principle is the margin-of-safety concept, which] gives you the competitive advantage. [The third is having a true investor's attitude toward the stock market, which] if you have that attitude, you start out ahead of 99 percent of all the people who are operating in the stock market - it's an enormous advantage.

Benign neglect, bordering on sloth, remains the hallmark of our investment process.