Just as a man working with his tools should know its limitations, a man working with his cognitive apparatus must know its limitations.

See's candy company was the first high-quality business we ever bought.

Let me know what your problem is, and I will try to make it more difficult for you.

If you, like me, lived through 1973-74 or even the early 1990s... There was a waiting list to get OUT of the country club - that's when you know things are tough. If you live long enough, you'll see it.

If you take sales presentations and brokers of commercial real estate and businesses... I'm 70 years old, I've never seen one I thought was even within hailing distance of objective truth.... 'incentive-caused bias,' causes this terrible abuse. And many of the people who are doing it you would be glad to have married into your family compared to what you're otherwise going to get.

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.

It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.