The greater the potential for reward in the value portfolio, the less risk there is.

To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What's needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework. You must supply the emotional discipline.

Time is the friend of the wonderful company, the enemy of the mediocre.

I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business.

You should be unconcerned about short-term price action when you own the securities directly, just as you were unconcerned when you owned them indirectly through BPL. I think about them as businesses, not "stocks", and if the business does all right over the long term, so will the stock.

It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.

Enjoy your work and work for whom you admire.