It's frustrating in the sense that we look dumber than we really are, ... We own a lot of unpopular but profitable stocks.

The whole court system in this country seems a little bizarre, ... When I was a kid, cigarettes were called 'cancer sticks' and 'coffin nails.' To say the companies have been trying to hide things doesn't make sense?The courts tied the tobacco companies' arms behind their backs.

Back in 1987, the day of the 500-point decline, I started buying like crazy, ... I spent $40 million that day.

A delay allows people to have less psychology and more orderly behavior.

There's only so long you can hold the beach ball under water,

When people bought these funds, they bought them because they wanted me to manage the funds, not the directors.

Management can focus on one business. From a psychological standpoint as well as from a practical standpoint it's a positive move.

If we get good prices on the businesses we like, I'm willing to buy,

Philip Morris still generates enormous amounts of cash, ... We're not giving up yet.

No company is totally immune from disaster, chaos, recession, you name it, ... But on a scale, ours tend to be most recession-proof.