In A Commodity Business, It's Very Hard

The Idea That You Try To Time Purchases Based On What You Think Business Is Going To Do In The Next Year Or Two, I Think That's The Greatest Mistake That Investors Make Because It's Always Uncertain. People Say It's A Time Of Uncertainty. It Was Uncertain On September 10th, 2001, People Just Didn't Know It. It's Uncertain Every Single Day. So Take Uncertainty As Part Of Being Involved In Investment At All. But Uncertainty Can Be Your Friend. I Mean, When People Are Scared, They Pay Less For Things. We Try To Price. We Don't Try To Time At All.

How Do You Beat Bobby Fischer? You Play Him At Any Game But Chess. I Try To Stay In Games Where I Have An Edge.

You Should Invest Like A Catholic Marries: For Life.

Do Not Take Yearly Results Too Seriously. Instead, Focus On Four Or Five-year Averages.

I Sent One E-mail In My Life. I Sent It To Jeff Raikes At Microsoft, And It Ended Up In Court In Minneapolis, So I Am One For One.