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

The number one idea is to view a stock as an ownership of the business and to judge the staying quality of the business in terms of its competitive advantage. Look for more value in terms of discounted future cash-flow than you are paying for. Move only when you have an advantage.

Being rational is a moral Imperative. You should never be stupider than you need to be.

Don't do cocaine. Don't race trains. And avoid AIDS situations.

Well in the history of the See's Candy Company they always say, "I never did it before, and I'm never going to do it again." And we cashier them. It would be evil not to, because terrible behavior spreads.

I'm a bull on Berkshire Hathaway. There may be some considerable waiting, but I think there are some good days ahead.

What do you want to avoid? Such an easy answer: sloth and unreliability. If you're unreliable it doesn't matter what your virtues are. You're going to crater immediately. Doing what you have faithfully engaged to do should be an automatic part of your conduct. You want to avoid sloth and unreliability.