Be fearful when others are greedy, and be greedy when others are fearful

I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.

I always turn to the sports pages first, which records people's accomplishments. The front page has nothing but man's failures.

California needs to solve its economic problems, and Arnold Schwarzenegger is the engine that will solve those problems.

Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices.

No other management book will ever be needed.