When I take a look at a company's annual report, if I don't understand it, they don't want me to understand it.

Charlie and I have a number of filters that things have to get through before we'll think about them.

Ignore the stock market, ignore the economy, and buy a business you understand.

Shares are not mere pieces of paper. They represent part ownership of a business. So, when contemplating an investment, think like a prospective owner.

If you owe money, you can't pay them out. You just pay for everything, you do smart things, you eventually get very rich.

The American economy is going to do fine. But it won't do fine every year and every week and every month. I mean, if you don't believe that, forget about buying stocks anyway... It's a positive-sum game, long term. And the only way an investor can get killed is by high fees or by trying to outsmart the market.

The rest of the world really likes our stuff pretty well. It's just we buy so damn much of what they produce.