There's no use running if you're on the wrong road.

There is nothing like writing to force you to think and get your thoughts straight.

Investors should be skeptical of history-based models. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma and the like, these models tend to look impressive. Too often, though, investors forget to examine the assumptions behind the models. Beware of geeks bearing formulas.

If a business does well, the stock eventually follows.

I certainly have no desire to sell a good controlled business run by people I like and admire, merely to obtain a fancy price. However, specific conditions may cause the sale of one operating unit at some point.

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

My idea of a group decision is to look in the mirror.