It is an unfortunate fact that great and foolish excess can come into prices of common stocks in the aggregate. They are valued partly like bonds, based on roughly rational projections of use value in producing future cash. But they are also valued partly like Rembrandt paintings, purchased mostly because their prices have gone up, so far.

Don't confuse correlation and causation. Almost all great records eventually dwindle.

All intelligent investing is value investing - acquiring more that you are paying for. You must value the business in order to value the stock.

To the man with only a hammer, every problem looks like a nail.

Is anyone really surprised that Warren, who is the ultimate embodiment of concentrated decision-making power, picked somebody [Bill and Melinda Gates] who he thinks is like him in many important ways? It was a noble and sensible decision.

You don't have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long, time.

I do not think you can trust bankers to control themselves. They are like heroin addicts.