Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
The smartest side to take in a bidding war is the losing side.
If you cannot control your emotions, you cannot control your money.
It's better to build than to buy if you can find the right people.
We've got more productive capacity now than we ever have.
I look for businesses in which I think I can predict what they're going to look like in ten to fifteen years time. Take Wrigley's chewing gum. I don't think the internet is going to change how people chew gum.