The active investors will have their returns diminished by a far greater percentage than will their inactive brethren. That means that the passive group - the "know-nothings" - must win.

Goldman Sachs saying they might be interested in such an investment. I'm familiar with the company. I've known the management, the current management, Jack Welch before Jeff Immelt. I've known him for decades.

Life is like a snowball. The important thing is finding wet snow and a really long hill.

Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.

Buy a cross section of American industry, and if a cross section of American industry doesn't work, certainly trying to pick the little beauties here and there isn't going to work either.

Someone's sitting in the shade today because someone planted a tree a long time ago. The person sitting in the shade now should be grateful for the person who planted and tended that tree. That includes all those benefactors of humanity throughout history that created, invented, financed, produced, maintained and improved all that we enjoy today.

Investment decision should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.