When asked how he became so successful in investing, Buffett answered: 'we read hundreds and hundreds of annual reports every year.

Stocks are the only thing that people are happy to buy when the price goes up.

Calculate "owner earnings" to get a true reflection of value.

Confidence in markets and in institutions, it's a lot like oxygen. When you have it, you don't even think about it. It's indispensable. You can go years without thinking about it. When it's gone for five minutes, it's the only thing to think about.

I think the oversight is great, and I think that oversight ought to be devoted almost entirely to the question is this being done at market you know. In other words, you want to make sure that the government isn't investing foolishly. But you don't want to care about which congressional districts it goes to or whether banks get favored over.

An investor should act as though he had a lifetime decision card with just twenty punches on it.

I know that Congress will do the right thing.