...being an effective teacher is a high calling.

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

Anyone with an engineering frame of mind will look at [accounting standards] and want to throw up.

I don't invest in what I don't understand. And I don't want to understand Facebook.

I think we have some special talents. That being said, I think it's dangerous to rely on special talents - it's better to own lots of monopolistic businesses with unregulated prices. But that's not the world today. We have made money exercising our talents and will continue to do so.

To us, investing is the equivalent of going out and betting against the pari-mutuel system. We look for a horse with one chance in two of winning, and that pays three to one. In other words, we're looking for a mispriced gamble. That's what investing is, and you have to know enough to know whether the gamble is mispriced.

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