We tend to buy things - a lot of things - where we don't know exactly what will happen, but the outcome will be decent.

Investing is where you find a few great companies and then sit on your ass.

If you take sales presentations and brokers of commercial real estate and businesses... I'm 70 years old, I've never seen one I thought was even within hailing distance of objective truth.... 'incentive-caused bias,' causes this terrible abuse. And many of the people who are doing it you would be glad to have married into your family compared to what you're otherwise going to get.

It's not supposed to be easy. Anyone who finds it easy is stupid.

The game of investing is one of making better predictions about the future than other people. How are you going to do that? One way is to limit your tries to areas of competence. If you try to predict the future of everything, you attempt too much.

Those who will not face improvements because they are changes, will face changes that are not improvements.

No wise pilot, no matter how great his talent and experience, fails to use his checklist.