At this point, when treasury bills, seven day treasury bills at 1/20th of one percent, it's not because people want to earn 1/20th of one percent, it's because they trust the fact the treasury will give it back to them next week.
Interest rates are to asset prices what gravity is to the apple. When there are low interest rates, there is a very low gravitational pull on asset prices.
I wouldn't want to manufacture cigarettes. But if I owned - we do own Costco. Do they sell them? Yes. So I don't have a problem owning stock in that. But I just wouldn't want to - I wouldn't want to do it myself. I basically think, if anything is sufficiently antisocial, society should do something about it. But that's a separate question. But - and I don't think there's any company that I have seen that's 100 percent pure.
If the world couldn't see your results, would you rather be thought of as the world's greatest investor but in reality have the world's worst record? Or be thought of as the world's worst investor when you were actually the best?
OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.
It will be good for us in the long run, and I mean there are, you know, six and a half billion people in this world. And it's great for 300 million to keep enjoying more and more property, but I think it's terrific if, you know, the remainder do.
When a management with reputation for brilliance gets hooked up with a business with a reputation for bad economics, it's the reputation of the business that remains intact.
I have no views as to where it will be, but the one thing I can tell you is it won't do anything between now and then except look at you. Whereas, you know, Coca-Cola (KO) will be making money, and I think Wells Fargo (WFC) will be making a lot of money and there will be a lot - and it's a lot - it's a lot better to have a goose that keeps laying eggs than a goose that just sits there and eats insurance and storage and a few things like that.