A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human error, bad luck, or extreme volatility in a complex, unpredictable and rapidly changing world.

I think markets will never be efficient because of human nature.

A value strategy is of little use to the impatient investor since it usually takes time to pay off.

The latest trade of a security creates a dangerous illusion that its market price approximates its true value. This mirage is especially dangerous during periods of market exuberance. The concept of "private market value" as an anchor to the proper valuation of a business can also be greatly skewed during ebullient times and should always be considered with a healthy degree of skepticism.

We work really hard never to get confused with what we know from what we think or hope or wish.

Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.

Excess capacity in people, machines, or property will be quickly absorbed.