All sensible investing is value investing

I think track records are very important. If you start early trying to have a perfect one in some simple thing like honesty, you're well on your way to success in this world.

The great lesson in microeconomics is to discriminate between when technology is going to help you and when it's going to kill you. And most people do not get this straight in their heads. But a fellow like Buffett does. For example, when we were in the textile business, which is a terrible commodity business, we were making low-end textiles-which are a real commodity product. And one day, the people came to Warren and said, "They've invented a new loom that we think will do twice as much work as our old ones."

Over the very long term, history shows that the chances of any business surviving in a manner agreeable to a company's owners are slim at best.

Trying to prioritize among things we're unlikely to do is pretty fruitless.

... some important factor doesn't lose its "share of force" just because some "expert" can better measure other types of force.

I see almost no change in the price of the composite product that flows through Costco I don't feel sorry for the people who pay $27 million for an 8,000-square-foot condo in Manhattan. So inflation comes in places.