You create wealth through concentration of assets. You maintain wealth through diversification of assets.
Buy when the mob sells. Sell when the mob buys.
[On price bubble] The biggest lie on Wall Street is that this time it’s different.
If you buy a few great companies, you can sit on your ass.
We have three baskets for investing: yes, no, and too tough to understand.
When speculation has done its worst, two and two still make four.
I am a better investor because I am a businessman, and a better businessman because I am no investor.
When the dust settles, I think Asia will come out ahead of the U.S.
We still expect huge volatility and more negative surprises. Fasten your seat belt.
We’re just very much a plain-vanilla, long-only investment fund. We like investments where the risk is time, not price.