Diversification Is Protection Against Ignorance.

I Bought My First Stock In 1942, In The Summer Of '42. I Was 11 Years Old. And So 75 Years Have Gone By. And I Have Never Known What The Market's Going To Do The Next Day. And That's Not My Game. My Game Is To Decide Whether I'm In The Right Economy, Which America's Definitely Been Ever Since That Time. The Dow Has Gone From 100 To 21,000 During That Time. And No Matter What The Headlines Say, Or Terrible Things Are Happening - We Were Losing The War In The Pacific When I First Bought Stocks.

I Have No Idea On Timing. It’s Easier To Tell What Will Happen Than When It Will Happen. I Would Say That What Is Going On In Terms Of Trade Policy Is Going To Have Very Important Consequences.

... It's Important To Have The Right Monetary Policy. It's Important For, To Have The Right Fiscal Policy. But It's Nowhere Near As Important As Just The Normal Regenerative Capacity Of American Capitalism.

Cash, Though, Is To A Business As Oxygen Is To An Individual: Never Thought About When It Is Present, The Only Thing In Mind When It Is Absent... When Bills Come Due, Only Cash Is Legal Tender. Don't Leave Home Without It.

Trust Is Like The Air We Breathe--when It's Present, Nobody Really Notices; When It's Absent, Everybody Notices.