You need to have a passionate interest in why things are happening. That cast of mind, kept over long periods, gradually improves your ability to focus on reality. If you don't have the cast of mind, you're destined for failure even if you have a high I.Q.

I think democracies are prone to inflation because politicians will naturally spend [excessively] - they have the power to print money and will use money to get votes. If you look at inflation under the Roman Empire, with absolute rulers, they had much greater inflation, so we don't set the record. It happens over the long-term under any form of government.

It’s not greed that drives the world, but envy.

Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it's time.

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

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

The only intelligence investing is value investing...to acquire more than one is paying for.