You don't need to be an expert in order to achieve satisfactory investment returns. But if you aren't, you must recognize your limitations and follow a course certain to work reasonably well. Keep things simple and don't swing for the fences.

The best thing that happens to us is when a great company gets into temporary trouble...We want to buy them when they're on the operating table.

It's better to hang out with people better than you. Pick out associates whose behavior is better than yours and you'll drift in that direction.

Turnarounds seldom turn.

The dominant factors affecting control valuations are earning power (past and prospective) and asset values.

You are neither right nor wrong because the crowd disagrees with you.

Never give up searching for the job that you’re passionate about. Try to find the job you’d have if you were independently rich. Forget about the pay. When you’re associating with the people that you love, doing what you love, it doesn’t get any better than that.