Investment decision should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.

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

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

I don't want to hold out false hopes that the - by some magic moment, that things will turn around in a couple months because they wouldn't, Charlie. I mean, and it's a big mistake to try and mislead people.

[The U.S. Treasury] can borrow basically unlimited amounts. They can stay there for years and years. These assets will be worth more money over time. So when Merrill Lynch sells a bunch of mortgage-related assets at 22 cents on the dollar like they did a month or so ago, the buyer goes - is going to make money, and he's going to make a lot more money if it happens to be an institution like the U.S. government which has very, very cheap borrowing costs.

A bull market is like sex. It feels best just before it ends.

Wide diversification is only required when investors do not understand what they are doing.