We have three baskets for investing: yes, no, and too tough to understand.
If you buy a few great companies, you can sit on your ass.
[To Warren Buffett] You’re a fatter version of Mahatma Gandhi.
I think we have one big advantage. A lot of other people are trying to be brilliant, and we’re just trying to stay rational.
[On bankruptcy of Puerto Rico] Who would have guessed a U.S. territory would wind up in bankruptcy? I would, because they behaved like idiots.
There are 2 rules of fishing: Number 1 is to “fish where the fish are” and Number 2 is “Don’t forget about rule Number 1.” We’ve gotten good at fishing where the fish are… There’s too many boats in the damn water, but the fish are still in it.
Sometimes when I am especially wistful, I think ‘Oh, to be 90 again.’