I think track records are very important. If you start early trying to have a perfect one in some simple thing like honesty, you're well on your way to success in this world.

When you locate a bargain, you must ask, 'Why me, God? Why am I the only one who could find this bargain?'

So, economics should emulate physics' basic ethos, but its search for precision in physics-like formulas is almost always wrong in economics.

In fact I've probably never seen such a wide moat.

Wrigley is a great business, but that doesn't solve the problem. Buying great businesses at advantageous prices is very tough.

If you don't keep learning, other people will pass you by. Temperament alone won't do it - you need a lot of curiosity for a long, long time.

The idea of excessive diversification is madness.