We do not have, nor have had, and never will have an opinion about where the stock market, interest rates, or business activity will be a year from now.

Other guys read Playboy. I read annual reports.

Our investments continue to be few in number and simple in concept: The truly big investment idea can usually be explained in a short paragraph. We like a business with enduring competitive advantages that is run by able and owner-oriented people. When these attributes exist, and when we can make purchases at sensible prices, it is hard to go wrong (a challenge we periodically manage to overcome).

Unless your answers are clearly better, copy the answers of your betters.

A very rich person should leave his kids enough to do anything, but not enough to do nothing.

What's nice about investing is you don't have to swing at every pitch.

The same things happen to quite an extent around the globe. I mean, the European banks were doing what the American banks were.