Wrigley is a great business, but that doesn't solve the problem. Buying great businesses at advantageous prices is very tough.

We believe there should be a huge area between everything you should do and everything you can do without getting into legal trouble. I don't think you should come anywhere near that line. We don't deserve much credit for this. It helps us make more money. I'd like to believe that we'd behave well even if it didn't work. But more often, we've made extra money from doing the right thing. Ben Franklin said I'm not moral because of it's the right thing to do - but because it's the best policy.

Understanding how to be a good investor makes you a better business manager and vice versa.

You're not going to get very far in life based on what you already know. You're going to advance in life by what you're going to learn after you leave here.

Accounting incomes were reduced by discrepancy [ but] "the net amount paid by lawyers for lawyerly discrepancy is close to zippo. In this case, the goddess of justice was blind.

Most people early achieve and later intensify a tendency to process new and disconfirming information so that any original conclusion remains intact. They become people of whom Philip Wylie observed: "You couldn't 't squeeze a dime between what they already know and what they will never learn."

If you always tell people why, they'll understand it better, they'll consider it more important, and they'll be more likely to comply.