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

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

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.

Modern agriculture has been accurately described as a way of turning oil into food. As the price of oil continues to rise, so will the price of food.

The world is a book and those who do not travel read only one page.

It is substantially true, that virtue or morality is a necessary spring of popular government. The rule, indeed, extends with more or less force to every species of free government.

Christmas is the antithesis of Thanksgiving. Christmas is pretty much a man-made holiday.

change starts at the bottom. I think we're disempowered by the idea that it starts at the top, when really change is like a tree. It does start at the bottom.

Good problem-seekers are in higher demand than good problem-solvers.

A perfect God is the creation of a conceited man

The past is like a handful of dust. It filters through your fingers, disappearing little by little. I wish, for one day, I could go back. In another life I would do things differently.

I try to work every day, even when I'm not motivated. Ritual is very important to me.

If you think you are beaten you are, if you think you dare not, you don't. If you like to win, but you think you can't, it is almost certain you won't.

Ask anyone who has been in a love relationship for a while: nothing is perfect.