Over many decades, our usual practice is that if something we like goes down, we buy more and more. Sometimes something happens, you realize you’re wrong, and you get out. But if you develop correct confidence in your judgment, buy more and take advantage of stock prices.

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

To the man with only a hammer, every problem looks like a nail.

Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.

If you can get good at destroying your own wrong ideas, that is a great gift.

Remember that reputation and integrity are your most valuable assets - and can be lost in a heartbeat.

A foreign correspondent, after talking to me for a while, once said: "You don't seem smart enough to be so good at what you're doing. Do you have an explanation?"