Any year that you don't destroy one of your best-loved ideas is probably a wasted year

Those of us who have been very fortunate have a duty to give back. Whether one gives a lot as one goes along as I do or a little and then a lot [when one dies] as Warrendoes is a matter of personal preference. I would hate to have people ask me for money all day long.

You're looking for a mispriced gamble. That's what investing is. And you have to know enough to know whether the gamble is mispriced. That's value investing.

I'm right, and you're smart, and sooner or later you'll see I'm right.

You've got to have models in your head and you've got to array you experience - both vicarious and direct - onto this latticework of mental models.

It would be nice if this [finding really cheap stocks] happened all the time. Unfortunately, it doesn't.

A rough rule in life is that an organization foolish in one way in dealing with a complex system is all too likely to be foolish in another.