To me, short-sellers are no good for long-term investors. They can move prices of a stock in a way that has nothing to do with fundamental intrinsic value.

True investing is making a commitment to own a company, to participate in its business over the long term and not betting on short-term movements in its stock price. To change our core discipline would dilute our efforts and all that we believe in.

There's not one energy or utility stock that meets our standards of continuous long-term business performance.

The fundamental premise of our discipline is that over the long term, if you own very high-quality growth companies, you will eventually get rewarded. But patience is sometimes required.

He's getting better and better. He just has to learn to play lower, which he's working on. His hands are excellent. I'm pleased with him.

At times, good people suffer a cruel fate, ... and this is one of them. . . . It's not a happy day. Steve is as good a person as I've been around. He's a close friend of mine, and it bothers me.