We're still in a recession. We're not gonna be out of it for a while, but we will get out.

My net worth is the market value of holdings less the tax payable upon sale. The liability is just as real as the asset unless the value of the asset declines (ouch), the asset is given away (no comment), or I die with it. The latter course of action would appear to at least border on a Pyrrhic victory.

The optimum portfolio depends on the various expectations of choices available and the degree of variance in performance which is tolerable. The greater the number of selections, the less will be the average year-to-year variation in actual versus expected results. Also, the lower will be the expected results, assuming different choices have different expectations of performance.

In the search [of a deal], we adopt the same attitude one might find appropriate in looking for a spouse: It pays to be active, interested, and open-minded, but it does not pay to be in a hurry.

The best investment you can make is in yourself.

I have no idea on timing. It’s easier to tell what will happen than when it will happen. I would say that what is going on in terms of trade policy is going to have very important consequences.

It is to our advantage to have securities do nothing price-wise for months, or perhaps years, while we are buying them.