There is a lot of pain still to be had in the equity markets, particularly aimed at the risky end of the spectrum. We think the fair value on the market is about a third lower in the U.S. . .

You can't run the economy on BMWs alone. If the average person is in a pickle, how do you have a healthy economy?

Remember that history always repeats itself. Every great bubble in history has broken. There are no exceptions.

I believe the only things that really matter in investing are the bubbles and the busts

The individual is far better-positioned to wait patiently for the right pitch while paying no regard to what others are doing, which is almost impossible for professionals.

Although value is a weak force in any single year, it becomes a monster over several years. Like gravity, it slowly wears down the opposition.

I would say that financial markets are very inefficient, and capable of extremes of being completely dysfunctional.

Volatility is a symptom that people have no idea of the underlying value.

Battering down solar cells on the roofs of Wal-Marts in California. I think that will be some of the highest-return investments that anyone ever makes.

By background I'm both a Quaker and a Yorkshireman, which I like to call double jeopardy.

The pure administration of Graham-and-Doddery really needs a long-term lock-up like Warren Buffett has, or it will have occasional quite dreadful client problems.

It is the destiny of the weak to be devoured by the strong.

Wealth should never be your goal in life. True wealth is of the heart, not of the purse.

Being strong is not how hard you hit but its as hard you can get hit and keep going that is how winning is done.

I can't tell you if genius is hereditary, because heaven has granted me no offspring.

I have a lot of favorite films. I tend to love the silliness of 'Bringing Up Baby.' 'Charade' is fantastic. 'His Girl Friday,' the banter in that, that alone made me want to be a writer.

Will you ask God to bring you to the place where you're willing to be willing?

I think there probably was a time when I was less provocative. That's when I was married.

It will profit you nothing to remember old wrongs and nurse old enmities.

When they're standing right in front of you, kings are a kind of speech impediment.

I did not just fall in love. I made a parachute jump.