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Long Ago, Sir Isaac Newton Gave Us Three Laws Of Motion, Which Were The Work Of Genius. But Sir Isaac's Talents Didn't Extend To Investing: He Lost A Bundle In The South Sea Bubble, Explaining Later, 'i Can Calculate The Movement Of The Stars, But Not The Madness Of Men.' If He Had Not Been Traumatized By This Loss, Sir Isaac Might Well Have Gone On To Discover The Fourth Law Of Motion: For Investors As A Whole, Returns Decrease As Motion Increases.

-Warren Buffett

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Long Ago, Sir Isaac

Warren Buffett

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Long Ago, Sir Isaac Newton Gave Us Three Laws Of Motion, Which Were The Work Of Genius. But Sir Isaac's Talents Didn't Extend To Investing: He Lost A Bundle In The South Sea Bubble, Explaining Later, 'i Can Calculate The Movement Of The Stars, But Not The Madness Of Men.' If He Had Not Been Traumatized By This Loss, Sir Isaac Might Well Have Gone On To Discover The Fourth Law Of Motion: For Investors As A Whole, Returns Decrease As Motion Increases.

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In The End, Alchemy, Whether It Is Metallurgical Or Financial, Fails. A Base Business Can Not Be Transformed Into A Golden Business By Tricks Of Accounting Or Capital Structure. The Man Claiming To Be A Financial Alchemist May Become Rich. But Gullible Investors Rather Than Business Achievements Will Usually Be The Source Of His Wealth.

We Enjoy The Process Far More Than The Proceeds.

The Patient That's On The Floor With The Cardiac Arrest Is Not Wall Street. It's The American Economy.

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Uncertainty Is The Friend Of The Buyer Of Long Term Values.

A Ceo's Behavior Has A Huge Impact On Managers Down The Line.

I Look For Businesses In Which I Think I Can Predict What They're Going To Look Like In Ten To Fifteen Years Time. Take Wrigley's Chewing Gum. I Don't Think The Internet Is Going To Change How People Chew Gum.

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If You Are A Professional And Have Confidence, Then I Would Advocate Lots Of Concentration.

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I Think That Both Parties Should Declare The Debt Limit As A Political Weapon Of Mass Destruction Which Can't Be Used. I Mean, It Is Silly To Have A Country That Has 237 Years Building Up Its Reputation And Then Have People Threaten To Tear It Down Because They're Not Getting Some Other Matter.

I Don't Like What's Going On With The Executive Compensation.

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There Are Three Kinds Of People: 1. Innovators. 2. Imitators. 3. Idiots.

If I Taught A Class, On My Final Exam I Would Take An Internet Company And Ask, 'how Much Is This Company Worth?' Anyone Who Would Answer, I Would Flunk.

That Would Be Nice If [people] Stuck [treasury Bills] All Under A Mattress, But They Got To Buy Something With Them. Sometimes They Buy A Treasury Note, Sometimes They Set Up Sovereign Wealth Funds. They Can Do All Kinds Of Things. They Can Buy Our Companies Here. As Long As We Consume More Than We Produce, And We Trade Away Little Pieces Of The Country Daily, They're Going To Own Something. Now, They Can't Run From American Assets. I Mean Every Day The Rest Of The World Is Going To Have About Two Billion More Of American Assets Than We Have, As Long As They Sell Us These Goods.

Most Investors, Both Institutional And Individual, Will Find That The Best Way To Own Common Stocks (shares') Is Through An Index Fund That Charges Minimal Fees. Those Following This Path Are Sure To Beat The Net Results (after Fees And Expenses) Of The Great Majority Of Investment Professionals.

Accounting Is The Language Of Business.

The Active Investors Will Have Their Returns Diminished By A Far Greater Percentage Than Will Their Inactive Brethren. That Means That The Passive Group - The "know-nothings" - Must Win.

The Future Is Never Clear; You Pay A Very High Price In The Stock Market For A Cheery Consensus. Uncertainty Actually Is The Friend Of The Buyer Of Long-term Values.

Would You Rather Be The World's Greatest Lover, But Have Everyone Think You're The World's Worst Lover? Or Would You Rather Be The World's Worst Lover But Have Everyone Think You're The World's Greatest Lover? Now, That's An Interesting Question.

Our Favorite Holding Period Is Forever.

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I Insist On A Lot Of Time Being Spent, Almost Every Day, To Just Sit And Think. That Is Very Uncommon In American Business.

If I Subscribed To The Efficient Market Theory I Would Still Be Delivering Papers

A Fool And His Money Are Soon Invited Everywhere.

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Paradoxically, When 'dumb' Money Acknowledges Its Limitations, It Ceases To Be Dumb.

In One Way, I'm Sympathetic To The Institutional Reluctance To Face The Music. I'd Give A Lot To Mark My Weight To 'model' Rather Than To 'market.'

I Think The Rest Of The Country Should Be Paying Less, The 95 Percent That [barack] Obama Talks About Or Maybe Even A Little Higher Than That.

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Intensity Is The Price Of Excellence.

We Will Prosper Or Suffer In Controlled Investments In Relation To The Operating Performances Of Our Businesses - We Will Not Attempt To Profit By Playing Various Games In The Securities Markets.

The Problem With Commodities Is That You Are Betting On What Someone Else Would Pay For Them In Six Months. The Commodity Itself Isn't Going To Do Anything For You....it Is An Entirely Different Game To Buy A Lump Of Something And Hope That Somebody Else Pays You More For That Lump Two Years From Now Than It Is To Buy Something That You Expect To Produce Income For You Over Time.

Time Is The Friend Of The Wonderful Company, The Enemy Of The Mediocre.

We Make Investment Decisions Based On Our Evaluation Of The Most Profitable Combination Of Probabilities.

Chains Of Habit Are Too Light To Be Felt Until They Are Too Heavy To Be Broken.

There's Always A Mismatch. I Mean, You Know, As The Economy Evolves, It Reallocates Resources. Now, The Real Problem, In My View, Is - This Has Been - The Prosperity Has Been Unbelievable For The Extremely Rich People. If You Go To 1982, When Forbes Put On Their First 400 List, Those People Had $93 Billion. They Now They Have $2.4 Trillion, 25 For One. That Is - This Has Been A Prosperity That's Been Disproportionately Rewarding To The People On Top.

The Rich Are Always Going To Say That, You Know, Just Give Us More Money And We'll Go Out And Spend More And Then It Will All Trickle Down To The Rest Of You. But That Has Not Worked The Last 10 Years, And I Hope The American Public Is Catching On.

There Is No Staff. I Make All The Investment Decisions And I Do All My Own Analysis.

It's Just That I Landed Up In A Terrific Capitalist System. One That Pays People Who Allocate Capital Extraordinarily Well. Intrinsically, I'm Not Worth As Much As Somebody Who Invents Something That Could Improves People's Life, Or Health Or Whatever.

Someone's Sitting In The Shade Today Because Someone Planted A Tree A Long Time Ago. The Person Sitting In The Shade Now Should Be Grateful For The Person Who Planted And Tended That Tree. That Includes All Those Benefactors Of Humanity Throughout History That Created, Invented, Financed, Produced, Maintained And Improved All That We Enjoy Today.

If We Start Deciding, Based On Guesses Or Emotions, Whether We Will Or Won't Participate In A Business Where We Should Have Some Long Run Edge, We're In Trouble.

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Occasionally, A Man Must Rise Above Principles.

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It's Just That Right Now The Athlete's On The Floor. But We - This Is A Super Athlete.

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I Mean, You May Be Very Mad At Some Guy That Walked Away With A Huge Golden Parachute, But That Really Isn't The Important Thing.

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Our Approach Is Very Much Profiting From Lack Of Change Rather Than From Change.

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You Can't Make A Good Deal With A Bad Person.

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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.

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If You Gave Me $100 Billion And Said Take Away The Soft Drink Leadership Of Coca-cola In The World, I'd Give It Back To You And Say It Can't Be Done.

We've Used Derivatives For Many, Many Years. I Don't Think Derivatives Are Evil, Per Se, I Think They Are Dangerous.

You Can't Stand To See Your Neighbor Getting Rich. You Know You're Smarter Than He Is And He's Doing These Things And He's Getting Rich.

The Fact That People Will Be Full Of Greed, Fear, Or Folly Is Predictable. The Sequence Is Not Predictable.

I've Already Written A Section In The Annual Report For Next Year Explaining Why I Think In One Case That The Figures On Our Balance Sheet As Calculated Are Wrong. But It's The Standard Way Of Doing It. It's Holy Writ. The Sec Wants Us To Do It That Way, And We'll Do It That Way, And I'll Explain Why I Think It's Wrong And Shareholders Can Read It And See Whether They Agree With My Logic Or Don't.

Very Successful People Say No To Almost Everything.

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Investment Decision Should Be Made On The Basis Of The Most Probable Compounding Of After-tax Net Worth With Minimum Risk.

Bad Terminology Is The Enemy Of Good Thinking.

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You Should Be Unconcerned About Short-term Price Action When You Own The Securities Directly, Just As You Were Unconcerned When You Owned Them Indirectly Through Bpl. I Think About Them As Businesses, Not "stocks", And If The Business Does All Right Over The Long Term, So Will The Stock.

You Need A Lot Of Curiosity For A Long, Long Time.

There Are Certain Things That Cannot Be Adequately Explained To A Virgin Either By Words Or Pictures.

Investors Should Remember That Excitement And Expenses Are Their Enemies.

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If You Want Your Business To Survive For 100 Years, You've Got To Make It Through Every Single Day For 100 Years. It's Not Enough To Do It 99.9% Of The Time.

A Prediction About The Direction Of The Stock Market Tells You Nothing About Where Stocks Are Headed, But A Whole Lot About The Person Doing The Predicting.

I’ve Never Believed In Risking What My Family And Friends Have And Need In Order To Pursue What They Don’t Have And Don’t Need.

Family And Friends

Forecasts Usually Tell Us More Of The Forecaster Than Of The Forecast

Success In Investing Doesn’t Correlate With I.q. Once You Are Above The Level Of 25; Once You Have Ordinary Intelligence, What You Need Is The Temperament To Control The Urges That Get Other People Into Trouble In Investing.

It's Almost Impossible To Overpay The Truly Extraordinary Ceo... But The Species Is Rare.

The Business Schools Reward Difficult Complex Behavior More Than Simple Behavior, But Simple Behavior Is More Effective.

With A Wonderful Business, You Can Figure Out What Will Happen; You Can't Figure Out When It Will Happen. You Don't Want To Focus On When, You Want To Focus On What. If You're Right About What, You Don't Have To Worry About When

I Make No Effort To Predict The Course Of General Business Or The Stock Market. Period. However, Currently There Are Practices Snowballing In The Security Markets And Business World Which, While Devoid Of Short Term Predictive Value, Bother Me As To Possible Long Term Consequences.

If You Expect To Continue To Purchase Stocks Throughout Your Life, You Should Welcome Price Declines As A Way To Add Stocks More Cheaply To Your Portfolio.

In Economics, You Always Want To Ask 'and Then What?'

I Never Attempt To Make Money On The Stock Market. I Buy On The Assumption That They Could Close The Market The Next Day And Not Reopen It For Five Years.

Greatest Wealth

We Are Trading Away A Little Bit Of Our Country All The Time For This Access Consumption That We Have Over What We've Produced. That Is Not Good. I Think It's Terrible Over Time. But Our Country's Productive Grows Enough So We Actually Can Do That, And We'll Still Be Better Off. We Just Don't Be As Well Off As If We Hadn't Done It.

A Bull Market Is Like Sex. It Feels Best Just Before It Ends.

Rule No.1: Never Lose Money. Rule No.2: Never Forget Rule No.1.

The Most Important Investment You Can Make Is In Yourself. Very Few People Get Anything Like Their Potential Horsepower Translated Into The Actual Horsepower Of Their Output In Life. Potential Exceeds Realization For Many People...the Best Asset Is Your Own Self. You Can Become To An Enormous Degree The Person You Want To Be.

You Could Take All The Gold That's Ever Been Mined, And It Would Fill A Cube 67 Feet In Each Direction. For What That's Worth At Current Gold Prices, You Could Buy All -- Not Some -- All Of The Farmland In The United States. Plus, You Could Buy 10 Exxon Mobils, Plus Have $1 Trillion Of Walking-around Money. Or You Could Have A Big Cube Of Metal. Which Would You Take? Which Is Going To Produce More Value?

The Best Investment You Can Make, Is An Investment In Yourself... The More You Learn, The More You'll Earn.

Best Investment

Forecasts May Tell You A Great Deal About The Forecaster; They Tell You Nothing About The Future.

If You Want To Soar Like An Eagle In Life, You Can't Be Flocking With The Turkeys.

In Our View, Derivatives Are Financial Weapons Of Mass Destruction Carrying Dangers That, While Latent, Are Potentially Lethal.

Mass Destruction

I've Never Been Very Fully Employed Either.

The Smartest Side To Take In A Bidding War Is The Losing Side.

If Book Knowledge Made Great Investors, Than The Librarians Would All Be Rich.

The Ideal Business Is One That Earns Very High Returns On Capital And That Keeps Using Lots Of Capital At Those High Returns. That Becomes A Compounding Machine.

Shares Are Not Mere Pieces Of Paper. They Represent Part Ownership Of A Business. So, When Contemplating An Investment, Think Like A Prospective Owner.

It's Never Paid To Bet Against America.

I Mean, They Were Getting The Mortgage Of Some Guy In Omaha, You Know, Securitized A Couple Of Times. I Mean He Had All These - They Had All These Types From Wall Street, You Know, And They Had Advanced Degrees, And They Look Very Alert, And They Came With These - They Came With These Things That Said Gamma And Alpha And Sigma And All That. And All I Can Say Is Beware Of Geeks, You Know, Bearing Formulas. They've Heard That In Europe.

Making Money Isn't The Backbone Of Our Guiding Purpose; Making Money Is The By-product Of Our Guiding Purpose. If You're Doing Something You Love, You're More Likely To Put Your All Into It, And That Generally Equates To Making Money

In Our View, Though, Investment Students Need Only Two Well-taught Courses-how To Value A Business, And How To Think About Market Prices. Your Goal As An Investor Should Simply Be To Purchase, At A Rational Price, A Part Interest In An Easily-understandable Business Who's Earnings Are Virtually Certain To Be Materially Higher Five, Ten And Twenty Years From Now.

If You Owe Money, You Can't Pay Them Out. You Just Pay For Everything, You Do Smart Things, You Eventually Get Very Rich.

It Is Obvious That The Performance Of A Stock Last Year Or Last Month Is No Reason, Per Se, To Either Own It Or To Not Own It Now. It Is Obvious That An Inability To "get Even" In A Security That Has Declined Is Of No Importance. It Is Obvious That The Inner Warm Glow That Results From Having Held A Winner Last Year Is Of No Importance In Making A Decision As To Whether It Belongs In An Optimum Portfolio This Year.

The Speed At Which A Business Success Is Recognized, Furthermore, Is Not That Important As Long As The Company's Intrinsic Value Is Increasing At A Satisfactory Rate. In Fact, Delayed Recognition Can Be An Advantage: It May Give Us The Chance To Buy More Of A Good Thing At A Bargain Price.

The Key To Life Is To Figure Out Who To Be The Batboy For.

The American Economy Is Going To Do Fine. But It Won't Do Fine Every Year And Every Week And Every Month. I Mean, If You Don't Believe That, Forget About Buying Stocks Anyway... It's A Positive-sum Game, Long Term. And The Only Way An Investor Can Get Killed Is By High Fees Or By Trying To Outsmart The Market.

If I Knew Where I Was Going To Want To Live The Next Five Or 10 Years I Would Buy A Home And I'd Finance It With A 30-year Mortgage... It's A Terrific Deal.

If You've Got The Power To Raise Prices Without Losing Business To A Competitor, You've Got A Very Good Business. And If You Have To Have A Prayer Session Before Raising The Price By A Tenth Of A Cent, Then You've Got A Terrible Business. I've Been In Both, And I Know The Difference.

You Pay A Very High Price In The Stock Market For A Cheery Consensus.

In That, We Agreed With Andrew Carnegie, Who Said That Huge Fortunes That Flow In Large Part From Society Should In Large Part Be Returned To Society. In My Case, The Ability To Allocate Capital Would Have Had Little Utility Unless I Lived In A Rich, Populous Country In Which Enormous Quantities Of Marketable Securities Were Traded And Were Sometimes Ridiculously Mispriced. And Fortunately For Me, That Describes The U.s. In The Second Half Of The Last Century.

Enormous Quantities

I Try To Buy Stock In Businesses That Are So Wonderful That An Idiot Can Run Them. Because Sooner Or Later, One Will.

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We Set No Volume Goals In Our Insurance Business Generally-and Certainly Not In Reinsurance-as Virtually Any Volume Can Be Achieved If Profitability Standards Are Ignored.

I Don't Want To Be On The Other Side Of The Table From The Customer. I Was Never Selling Anything That I Didn't Believe In Myself Or Use Myself.

Problems In A Company Are Like Cockroaches In The Kitchen. You Will Never Find Just One

Buy Stocks Like You Buy Your Groceries, Not Like You Buy Your Perfume.

I Know What I Want To Do And It Makes Sense To Get Going.

Always Associate Yourself With People Who Are Better Than You.

We Really Can Say No In 10 Seconds Or So To 90%+ Of All The Things That Come Along Simply Because We Have These Filters.

I Have Got This Letter Which Actually Goes Out The Day After I Die. It Has Already Been Written. And It Says That: "yesterday I Died". And Then It Says: "that's Bad News For Me, But It's Not Bad News For You, The Shareholders Of Berkshire". And Then I Go On And Explain What Is Going To Happen. I Know That Is One Time When They Will Be Really Interested In Hearing From Me.

The Wise Man Once Said Invest Young

If You Can't Communicate And Talk To Other People And Get Across Your Ideas, You're Giving Up Your Potential.

Other Guys Read Playboy. I Read Annual Reports.

Inflation Could Be A Very - Is A Likely Consequence Out Of What's Going On Now.

They Say The Chains Of Habit Are Too Light To Be Felt Until They Are Too Heavy To Be Broken. The Chains You Put Around Yourself Now Have Enormous Consequences As You Go Through Life.

People Went Crazy With Tulip Bulbs. They Went Crazy With The South Sea Bubble, They Went Crazy Internet Stocks, They Went Crazy With The Uranium Stocks Back When I Was First Getting Started.

What We Learn From History Is That People Don't Learn From History.

I've Read About All The Sales Today. If You're An Auto Dealer, You're Feeling It. If You're A Furniture Retailer Like We Are, You're Feeling It. If You're A Jewelry Retailer, You're Feeling It. I Know Some Of These Businesses Because We're In Them. Yeah, It's Being Felt, But It Will Be Felt Big Time More If We Don't Do Something About It, What's Going On.

What Motivates Most Gold Purchasers Is Their Belief That The Ranks Of The Fearful Will Grow. During The Past Decade That Belief Has Proved Correct. Beyond That, The Rising Price Has On Its Own Generated Additional Buying Enthusiasm, Attracting Purchasers Who See The Rise As Validating An Investment Thesis. As 'bandwagon' Investors Join Any Party, They Create Their Own Truth - For A While.

You Are Lucky In Life If You Have The Right Heroes. I Advise All Of You, To The Extent You Can, To Pick Out A Few Heroes

Generally Speaking, Investing In Yourself Is The Best Thing You Can Do. Anything That Improves Your Own Talents; Nobody Can Tax It Or Take It Away From You. They Can Run Up Huge Deficits And The Dollar Can Become Worth Far Less. You Can Have All Kinds Of Things Happen. But If You’ve Got Talent Yourself, And You’ve Maximized Your Talent, You’ve Got A Tremendous Asset That Can Return Ten-fold.

The Stock Market Is A Wonderfully Efficient Mechanism For Transferring Wealth From The Impatient To The Patient.

After 25 Years Of Buying And Supervising A Great Variety Of Businesses, Charlie [munger] And I Have Not Learned How To Solve Difficult Business Problems. What We Have Learned Is To Avoid Them. To The Extent We Have Been Successful, It Is Because We Have Concentrated On Identifying One-foot Hurdles That We Could Step Over Rather Than Because We Acquired Any Ability To Clear Seven-footers.

Buy A Business, Don't Rent Stocks.

My Favorite Time Frame For Holding A Stock Is Forever.

An Irresistable Footnote: In 1971, Pension Fund Managers Invested A Record 122% Of Net Funds Available In Equities - At Full Prices They Couldn't Buy Enough Of Them. In 1974, After The Bottom Had Fallen Out, They Committed A Then Record Low Of 21% To Stocks.

The First Rule Is Not To Lose. The Second Rule Is Not To Forget The First Rule.

Larger Sums May Be An Advantage At Some Cases And A Disadvantage At Others.

In An Inflationary World, A Toll Bridge (like Company) Would Be A Great Thing To Own Because You've Laid Out The Capital Costs. You Built It In Old Dollars And You Don't Have To Keep Replacing It.

Does The Business Have Favourable Long Term Prospects?

The Advice "you Never Go Broke Taking A Profit" Is Foolish.

Take The Job You Would Take If You Were Independently Wealthy. You're Going To Do Well At It.

So Some Guy May Know How To Make Money In Cocoa Beans, But I Don't So I Just Let Him Have That. But It's Got To Be Something I Understand. It's Got To Be A Business With Fundamentally Good Economics. It's Got To Be A Management That I Like And Trust And Admire. And It's Got To Be A Price That Makes Sense.

It's Never Paid To Bet Against America. We Come Through Things, But Its Not Always A Smooth Ride.

We Believe That According The Name 'investors' To Institutions That Trade Actively Is Like Calling Someone Who Repeatedly Engages In One-night Stands A 'romantic.'

You Have Hedge Funds And People Like That Buying These Assets To Yield 15 Or 20 Percent, I Mean, That's The Buyer For These People That Are Trying To Unload Them.

You Do Things When The Opportunities Come Along. I've Had Periods In My Life When I've Had A Bundle Of Ideas Come Along, And I've Had Long Dry Spells. If I Get An Idea Next Week, I'll Do Something. If Not, I Won't Do A Damn Thing.

Investing Money

As One Of My Older Friends Says, "nostalgia Just Isn't What It Used To Be." Let's Take A Stab At It, Anyway.

I Can Do Anything I Want, Basically, As Long As It Doesn't Involve Athletic Ability, Or Something Like That.

A Company Should Be Viewed As An Unfolding Movie, Not As A Still Photograph

I Made My First Investment At Age Eleven. I Was Wasting My Life Up Until Then.

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.

We Say We Are Trying To Buy Into Businesses With Excellent Economics, Run By Honest And Able People At A Decent Price. We Buy Very Few Securities, So We Look At It As "focused" Investing.

And People Really Behaved In A Fraudulent Way Or Something, We'll Go Back And Find The Culprits Later On. But That Really Isn't The Problem We Have. I Mean That's Where It Came From, Though. We Leveraged Up And If You Have A 20 Percent Fall In Value Of A $20 Trillion Asset, That's $4 Trillion. And When $4 Trillion Lands - Losses Land In The Wrong Part Of This Economy, It Can Gum Up The Whole Place.

Traditional Wisdom Is Long On Tradition And Short On Wisdom.

I Have Pledged - To You, The Rating Agencies And Myself - To Always Run Berkshire With More Than Ample Cash. We Never Want To Count On The Kindness Of Strangers In Order To Meet Tomorrow's Obligations. When Forced To Choose, I Will Not Trade Even A Night's Sleep For The Chance Of Extra Profits.

It's A Lot Easier To Buy Things Than It Is To Sell Them.

Too Often, A Vast Collection Of Possessions Ends Up Possessing Its Owner. The Asset I Most Value, Aside From Health, Is Interesting, Diverse, And Long-standing Friends.

Investing Is Forgoing Consumption Now In Order To Have The Ability To Consume More At A Later Date.

I Have A Wonderful Family. I Have A Job That I Love And Wonderful People Who Help Me With It. It Can't Get Any Better Than That.

As I Have Mentioned Before, We Cannot Make The Same Sort Of Money Out Of Permanent Ownership Of Controlled Businesses That Can Be Made From Buying And Reselling Such Businesses, Or From Skilled Investment In Marketable Securities. Nevertheless, They Offer A Pleasant Long Term Form Of Activity (when Conducted In Conjunction With High Grade, Able People) At Satisfactory Rates Of Return.

At This Point, When Treasury Bills, Seven Day Treasury Bills At 1/20th Of One Percent, It's Not Because People Want To Earn 1/20th Of One Percent, It's Because They Trust The Fact The Treasury Will Give It Back To Them Next Week.

The Truth Is, Everything That Has Happened In My Life... That I Thought Was A Crushing Event At The Time, Has Turned Out For The Better.

I'm Happy When I Can Spend Every Day Doing The Things That I Like To Do. That's My Luxury.

I Have Three Boxes On My Desk: In, Out, And Too Hard.

All But A Few Of The Organizations Do Not Specifically Promise To Deliver Superior Investment Performance Although It Is Perhaps Not Unreasonable For The Public To Draw Such An Inference From Their Advertised Emphasis On Professional Management.

I Mean There Is No Capital Requirements To It Or Anything Of The Sort. And Basically, I Said There Were Possibly Financial Weapons Of Mass Destruction, And They Had Them. They Destroyed Aig. They Certainly Contributed To The Destruction Of Bear Sterns And Lehman. Although Lehman Had Other Problems, Too.

Mass Destruction

When The Brothel Burns Down, Even The Pretty Girls Have To Run Out.

Unless Your Answers Are Clearly Better, Copy The Answers Of Your Betters.

Failing Conventionally Is The Route To Go; As A Group, Lemmings May Have A Rotten Image, But No Individual Lemming Has Ever Received Bad Press

We Have Long Felt That The Only Value Of Stock Forecasters Is To Make Fortune-tellers Look Good.

Never Count On Making A Good Sale. Have The Purchase Price Be So Attractive That Even A Mediocre Sale Gives Good Results.

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