Two rules:1. Preserve the principal2. When in doubt see Rule #1

The first rule is not to lose. The second rule is not to forget the first rule.

Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.

You do things when the opportunities come along. I've had periods in my life when I've had a bundle of ideas come along, and I've had long dry spells. If I get an idea next week, I'll do something. If not, I won't do a damn thing.

When a management team with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.

Only when the tide goes out do you discover who's been swimming naked