I won't close down a business of subnormal profitability merely to add a fraction of a point to our corporate returns. I also feel it inappropriate for even an exceptionally profitable company to fund an operation once it appears to have unending losses in prospect. Adam Smith would disagree with my first proposition and Karl Marx would disagree with my second; the middle ground is the only position that leaves me comfortable.

Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well.

If you have a harem of 40 women, you never get to know any of them very well.

I don't look to jump over 7-foot bars; I look around for 1-foot bars that I can step over.

It's only when the tide goes out that you discover who's been swimming naked.

In the business world, the rearview mirror is always clearer than the windshield.

I violated the Noah rule: Predicting rain doesn't count; building arks does.

Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.

The ego is nothing other than the focus of conscious attention.

I am an optimist. It does not seem too much use being anything else.