In the insurance business, there is no statute of limitation on stupidity.

We've been in a recession, by any common sense definition, because if you look at the American public, they've got 20 billion - 20 trillion, I should say, worth of residential homes.

I choose to work with every single person that I work with. That ends up being the most important factor. I don't interact with people I don't like or admire. That's the key. It's like marrying.

We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.

The American economy is going to do fine. But it won't do fine every year and every week and every month. I mean, if you don't believe that, forget about buying stocks anyway... It's a positive-sum game, long term. And the only way an investor can get killed is by high fees or by trying to outsmart the market.

Paradoxically, when 'dumb' money acknowledges its limitations, it ceases to be dumb.

If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy.