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

Outstanding long-term results are produced primarily by avoiding dumb decisions, rather than by making brilliant ones.

Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.

Our policy is to concentrate holdings. We try to avoid buying a little of this or that when we are only lukewarm about the business or its price. When we are convinced as to attractiveness, we believe in buying worthwhile amounts.

The smarter the journalists are, the better off society is.

You're dealing with a lot of silly people in the marketplace; it's like a great big casino and everyone else is boozing. If you can stick with Pepsi, you should be OK.

Do not save what is left after spending, but spend what is left after saving.