In my view, [the trade deficit] will create political turmoil at some point...Pretty soon, I think there will be a big adjustment.

Read Ben Graham and Phil Fisher read annual reports, but don't do equations with Greek letters in them.

I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.

Asset-heavy businesses generally earn low rates of return - rates that often barely provide enough capital to fund the inflationary needs of the existing business, with nothing left over for real growth, for distribution to owners, or for acquisition of new businesses

If you lose money for the firm, I will be forgiving. If you lose reputation, I will be ruthless.

Valuing a business is part art and part science.

I don't want to give a lecture to this body that's out there. You know, I mean, having had the heart attack, I want to get it back functioning. And as a practical matter, I mean if you were Bear Stearns, and you were a shareholder, you know, you lost 90 to 95 percent of your money. A good many lost their jobs. They lost very cushy lives, many of them.