The normal expectancy of the average investor - for example, the pension funds of AT&T or IBM - is 6% for a long time.

I'm a bull on Berkshire Hathaway. There may be some considerable waiting, but I think there are some good days ahead.

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

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

Since those don’t hit financial reports, the opportunities you had but didn’t accept, most people don’t bother thinking about them very much. At least that is a mistake we don’t make. We rub our own noses in our mistakes in blowing opportunities, as we just did.

Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things.

When I run into a paradox I think either I'm a total horse's ass to have gotten to this point, or I'm fruitfully near the edge of my discipline. It adds excitement to life to wonder which it is.