Investing is an activity in which consumption today is foregone in an attempt to allow greater consumption at a later date. Risk is the possibility that this objective won’t be attained.

When a person with money meets a person with experience, the one with experience ends up with the money and the one with money leaves with experience.

We have embraced the 21st century by entering such cutting-edge industries as brick, carpet, insulation and paint. Try to control your excitement.

When a manager with a reputation for brilliance tackles a business with a reputation for bad economics, the reputation of the business remains intact.

I am a better investor because I am a businessman, and a better businessman because I am an investor.

[On Microsoft founder, Bill Gates] He may be the smartest guy I’ve ever met. But I don’t know what those little computer things do.

The stock market is a device for transferring money from the impatient to the patient.

If you’ve been in the [poker] game 30 minutes and you don’t know who the patsy is, you’re the patsy.

Autonomous vehicles, widespread, would hurt us if they spread to trucks, and they would hurt our auto insurance business. They may be a long way off. That will depend on experience in the first early months of the introduction. If they make the world safer, it will be a very good thing but it won’t

It was not in the interests of Wall Street to have the development of index funds, because it brought down fees dramatically. When Jack [Jack Bogle of Vanguard] started, very few people, certainly Wall Street did not applaud him. He was the subject of some derision. And now we’re talking trillions when we get into