It's Never Paid To Bet Against America.

Mark Zuckerberg Will Be A Hero To Many Young Entrepreneurs 20 Years From Now. Bill Gates Will Be A Hero To Others, And They Will Look To Those [people] Like I Read Books When I Was In My Teens About Rockefeller Or Carnegie.

Outstanding Long-term Results Are Produced Primarily By Avoiding Dumb Decisions, Rather Than By Making Brilliant Ones.

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.

I Would Say The Biggest Single Cause Was We Had An Incredible Residential Real Estate Bubble.

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