Managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.

I always invest in companies an idiot could run, because one day one will.

I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.

Beware [of] the investment activity that produces applause; the great moves are usually greeted by yawns.

I don't know that I could draw one that's perfect. But I'd rather by approximately right than precisely wrong, and it would be precisely wrong to turn it down.

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.

It's a big mistake to try and mislead people. They will turn around.