[In picking stocks] You really have to know a lot about business. You have to know a lot about competitive advantage. You have to know a lot about the maintainability of competitive advantage. You have to have a mind that quantifies things in terms of value. And you have to be able to compare those values with other values available in the stock market.

I'm used to people with very high IQs knowing how to recognize reality, but there's a huge human tendency where it may be instructive to think that whatever you're doing to succeed is all right.

I feel that by getting rich in the way I did, I think my own example has hurt my own country.

We look for a horse with one chance in two of winning and which pays you three to one.

Knowing what you don't know is more useful than being brilliant.

Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?

there are all kinds of wonderful new inventions that give you nothing as owners except the opportunity to spend a lot more money in a business that's still going to be lousy. The money still won't come to you. All of the advantages from great improvements are going to flow through to the customers.