The big question about how people behave is whether they've got an Inner Scorecard or an Outer Scorecard. It helps if you can be satisfied with an Inner Scorecard.

The most common cause of low prices is pessimism - some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It's optimism that is the enemy of the rational buyer.

Intensity is the price of excellence.

There's nothing inappropriate about having debt in America. It's what helped us grow over time. And it's when debt gets out of control that you worry.

In the insurance business, there is no statute of limitation on stupidity.

You don't want 300 million Americans putting their money under the mattress.

It's much easier to stay out of trouble now than to get out of trouble later.