Benign neglect, bordering on sloth, remains the hallmark of our investment process.

In other words, the percentage change in book value in any given year is likely to be reasonably close to that year's change in intrinsic value.

The strategy we've adopted precludes our following standard diversification dogma. Many pundits would therefore say the strategy must be riskier than that employed by more conventional investors. We disagree. We believe that a policy of portfolio concentration may well decrease risk if it raises, as it should, both the intensity with which an investor thinks about a business and the comfort-level he must feel with its economic characteristics before buying into it.

Failure comes from ego, greed, envy, fear, imitation. I have success not because I am smart, but because I am rational.

Occasionally, a man must rise above principles.

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

The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.