We have a higher percentage of the intelligentsia engaged in buying and selling pieces of paper and promoting trading activity than in any past era. A lot of what I see now reminds me of Sodomand Gomorrah. You get activity feeding on itself, envy and imitation. It has happened in the past that there came bad consequences.

I'd rather throw a viper down my shirt front than hire a compensation consultant.

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.

Common stock investors can make money by predicting the outcomes of practice evolution. You can't derive this by fundamental analysis - you must think biologically.

I don't want to understand Facebook.

The ethos of not fooling yourself is one of the best you could possibly have. It's powerful because it's so rare.

If you can buy the best companies, over time the pricing takes care of itself.