Someone is sitting in the shade today because someone planted a tree a long time ago.

Over that time we've been happy with that investment but I've got to tell you I'm happier today. It's a dream deal.

Today people who hold cash equivalents feel comfortable. They shouldn't. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.

The only time to buy these is on a day with no 'y' in it.

During 2002 we entered the foreign currency market for the first time in my life, ... In 2003, we enlarged our position, as I became increasingly bearish on the dollar.

The market outperformed business for a very long time, and that phenomenon had to end,