Avoid working directly under somebody you don't admire and don't want to be like.

What's fascinating . . .is that you could now have a business that might have been selling for $10 billion where the business itself could probably not have borrowed even $100 million. But the owners of that business, because its public, could borrow many billions of dollars on their little pieces of paper- because they had these market valuations. But as a private business, the company itself couldn't borrow even 1/20th of what the individuals could borrow.

A great business at a fair price is superior to a fair business at a great price.

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

I'm right, and you're smart, and sooner or later you'll see I'm right.

Well the open-outcry auction is just made to turn the brain into mush: you've got social proof, the other guy is bidding, you get reciprocation tendency, you get deprival super-reaction syndrome, the thing is going away... I mean it just absolutely is designed to manipulate people into idiotic behavior.

In my life there are not that many questions I can't properly deal with using my $40 adding machine and dog-eared compound interest table.