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“Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.”

“he economy favors throughput over quality and craftsmanship, and economists are terrified because the American savings rate has crept upward from about zero to almost five percent. But the mortgage crisis and the burgeoning credit card crisis are causing Americans to become wary of irresponsible debt.”

“A good school is a relative concept, and the better schools are located in more expensive neighborhoods. But when everyone bids more for a house in a better school district, they succeed only in bidding up the prices of those houses. As before, 50 percent of all children will attend schools in the bottom half of the school quality distribution. As in the familiar stadium metaphor, all stand, hoping to get a better view, only to discover that no one sees better than if all had remained seated.”

“I think back to some of the pots we made when we first started our pottery, and they were pretty awful pots. We thought at the time they were good; they were the best we could make, but our thinking was so elemental that the pots had that quality also, and so they don't have a richness about them which I look for in my work today. Whether I achieve it all the time, that's another question, because I don't think a person can produce at top level 100 percent of the time.”