The smarter the journalists are, the better offsociety is. For to a degree, people read the press to informthemselves-and the better the teacher, the better the student body.

It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.

I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful. (Lecturing to a group of students at Columbia U. He was 21 years old.)

Managers thinking about accounting issues should never forget one ofAbraham Lincoln's favorite riddles: `How many legs does a dog have ifyou call his tail a leg?' The answer: 'Four, because calling a tail aleg does not make it a leg'.