Obviously if you want to get good at something which is competitive, you have to think about it and practice a lot. You have to keep learning because world keeps changing and competitors keep learning. You have to go to bed wiser than you got up. As you try to master what you are trying to do – people who do that almost never fail utterly. Very few have ever failed with that approach. You may rise slowly, but you are sure to rise.

We bought a doomed textile mill [Berkshire Hathaway] and a California S&L [Savings & Loan; Wesco] just before a calamity. Both were bought at a discount to liquidation value.

Fixable but unfixed bad performance is bad character and tends to create more of itself, causing more damage to the excuse giver with each tolerated instance.

All sensible investing is value investing

One could imagine a period like Japan13 years ago, however, in which indexing over time wouldn't work.

I think that, every time you saw the word EBITDA, you should substitute the word "bullshit" earnings.

The harder you work, the more confidence you get. But you may be working hard on something that is false.