Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.

Never give up searching for the job that you’re passionate about. Try to find the job you’d have if you were independently rich. Forget about the pay. When you’re associating with the people that you love, doing what you love, it doesn’t get any better than that.

Derivatives are like sex. It's not who we're sleeping with, it's who they're sleeping with that's the problem.

Focus on return on equity, not earnings per share.

It's just that right now the athlete's on the floor. But we - this is a super athlete.

The most common cause of low prices is pessimism - some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It's optimism that is the enemy of the rational buyer.

Take the probability of loss times the amount of possible loss from the probability of gain times the amount of possible gain. That is what we're trying to do. It's imperfect, but that's what it's all about.