Two rules: 1. Preserve the principal 2. When in doubt, see Rule #1.

It's easy to identify many investment managers with great recent records. But past results, though important, do not suffice when prospective performance is being judged. How the record has been achieved is crucial.

Charlie and I have a number of filters that things have to get through before we'll think about them.

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.

When we went crazy, and we did go crazy on residential real estate, it set things in motion that just - the dominoes started toppling.

Cultivate curiosity and strive to become a little wiser every day.

I think you are out of your mind if you keep taking jobs that you don't like because you think it will look good on your resume. Isn't that a little like saving up sex for your old age?