'First, many in Wall Street - a community in which quality control is not prized - will sell investors anything they will buy.' - 2000 Letter to Shareholders

And if expenses shouldn't go into the calculation of earnings, where in the world should they go?'

'An irresistable footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities - at full prices they couldn't buy enough o…

If compensation isn't an expense, what is it?