First come the innovators, then come the imitators, then come the idiots.

Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life.

Although we deal with probabilities and expectations, the actual results can deviate substantially from such expectations, particularly on a short-term basis.

[Economy] is flat on the floor, and the paramedics have arrived. And they shouldn't argue about whether they put the resuscitation equipment a quarter of an inch this way or a quarter of an inch this way, or they shouldn't start criticizing the patient, because he didn't have a blood pressure test or something like that. They should do what's needed right now.

We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely.

To be successful, you should concentrate on the world of companies, not arcane accounting mathematics.

With housing it's something even more dramatic than that, because most people aspire to own their own home.If you really think that houses prices are going to go up next year and the year after, you feel if I don't buy it this year, I'm going to have to buy it next year.That's not true of an Internet stock. But it's true of a home.