You don't have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long, time.

The cost of being a publicly traded stock has gone way, way up. It doesn't make sense for a little company to be public anymore. A lot of little companies are going private to be rid of these burdensome requirements.

Those who will not face improvements because they are changes, will face changes that are not improvements.

I think the reason why we got into such idiocy in investment management is best illustrated by a story that I tell about the guy who sold fishing tackle. I asked him, "My God, they're purple and green. Do fish really take these lures?" And he said, "Mister, I don't sell to fish." Investment managers are in the position of that fishing tackle salesman.

The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It's just that simple.

... some important factor doesn't lose its "share of force" just because some "expert" can better measure other types of force.

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.