It's class warfare, my class is winning, but they shouldn't be.

When you combine ignorance and leverage, you get some pretty interesting results.

I've seen more people fail because of liquor and leverage -- leverage being borrowed money. You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing.

Cash, though, is to a business as oxygen is to an individual: never thought about when it is present, the only thing in mind when it is absent... When bills come due, only cash is legal tender. Don't leave home without it.

I can do anything I want, basically, as long as it doesn't involve athletic ability, or something like that.

I mean, you know, you're not going to change the human animal. And the human animal really doesn't get a lot smarter.

The strategy we've adopted precludes our following standard diversification dogma. Many pundits would therefore say the strategy must be riskier than that employed by more conventional investors. We disagree. We believe that a policy of portfolio concentration may well decrease risk if it raises, as it should, both the intensity with which an investor thinks about a business and the comfort-level he must feel with its economic characteristics before buying into it.