We have usually made our best purchases when apprehensions about some macro event were at a peak. Fear is the foe of the faddist, but the friend of the fundamentalist.

You can be sure that over the next 10 years, you'll see something that you did not think was possible.

It is madness to risk losing what you need in pursuing what you simply desire.

You’d get very rich if you thought of yourself as having a card with only twenty punches in a lifetime, and every financial decision used up one punch. You’d resist the temptation to dabble. You’d make more good decisions and you’d make more big decisions.

After 25 years of buying and supervising a great variety of businesses, Charlie [Munger] and I have not learned how to solve difficult business problems. What we have learned is to avoid them. To the extent we have been successful, it is because we have concentrated on identifying one-foot hurdles that we could step over rather than because we acquired any ability to clear seven-footers.

When forced to choose, I will not trade even a night's sleep for the chance of extra profits.

Someone is sitting in the shade today because someone planted a tree a long time ago.