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

If at first you do succeed, quit trying on investing.

In an inflationary world, a toll bridge (like company) would be a great thing to own because you've laid out the capital costs. You built it in old dollars and you don't have to keep replacing it.

There's nothing inappropriate about having debt in America. It's what helped us grow over time. And it's when debt gets out of control that you worry.

Take the job you would take if you were independently wealthy. You're going to do well at it.

All day you wait for the pitch you like; then when the fielders are asleep, you step up and hit it.

Cash, though, is to a business as oxygen is to an individual: never thought about when it is present, the only thing in mind when it is absent... When bills come due, only cash is legal tender. Don't leave home without it.