'Despite three years of falling prices, which have significantly improved the attractiveness of common stocks, we still find very few that even mildly interest us. That dismal fact is testimony to the insanity of valuations reached during The Great Bubble. Unfortunately, the hangover may prove to be proportional to the binge.'- March 2003

'If you're an investor, you're looking on what the asset is going to do, if you're a speculator, you're commonly focusing on what the price of the object is go…

On acquiring bad companies for cheap prices: 'In my early days as a manager I, too, dated a few toads. They were cheap dates - I've never been much of a sport …

'Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to…