You need a different checklist and different mental models for different companies. I can never make it easy by saying, 'Here are three things.' You have to derive it yourself to ingrain it in your head for the rest of your life.

Accounting incomes were reduced by discrepancy [ but] "the net amount paid by lawyers for lawyerly discrepancy is close to zippo. In this case, the goddess of justice was blind.

Wells Fargo behaves better than the average big bank. But nobody's perfect.

The best thing a human being can do is to help another human being know more.

Litigation is notoriously time-consuming, inefficient, costly and unpredictable.

If the same family were always on the bottom, then you'd have big resentments. But if DuPonts go down and Pampered Chef up, [that's good]. That much churn makes people think the system is fairer. Buffett: We don't like churn now, but we liked it more 30-40 years ago.

It would be nice if this [finding really cheap stocks] happened all the time. Unfortunately, it doesn't.