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

The only intelligence investing is value investing...to acquire more than one is paying for.

The old culture had come out of poverty, out of English customs.

To me, it's obvious that the winner has to bet very selectively. It's been obvious to me since very early in life. I don't know why it's not obvious to very many other people.

Quoting Demosthenes, 'For what each man wishes, that he also believes to be true.' I would rather make money playing a piano in a whorehouse than arguing that no cost is incurred when employees are paid in stock options instead of cash. I am not kidding.

Mutual funds charge 2% per year and then brokers switch people between funds, costing another 3-4 percentage points. The poor guy in the general public is getting a terrible product from the professionals. I think it's disgusting. It's much better to be part of a system that delivers value to the people who buy the product. But if it makes money, we tend to do it in this country.

You have to realize the truth of biologist Julian Huxley's idea that 'Life is just one damn relatedness after another' "So you must have the models, and you must see the relatedness and the effects from the relatedness.