You’d get very rich if you thought of yourself as having a card with only twenty punches in a lifetime, and every financial decision used up one punch. You’d resist the temptation to dabble. You’d make more good decisions and you’d make more big decisions.

Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices.

If you can't read the scoreboard. You don't know the score. If you don't know the score, you can't tell the winners from the losers.

The one piece of advice I can give you is, do what turns you on. Do something that if you had all the money in the world, you’d still be doing it. You’ve got to have a reason to jump out of bed in the morning.

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

In other words, the percentage change in book value in any given year is likely to be reasonably close to that year's change in intrinsic value.

Bad terminology is the enemy of good thinking.