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

Consciously paying more for a stock than its calculated value - in the hope that it can soon be sold for a still-higher price - should be labelled speculation

Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.

He must never forget Charlie's plea: Tell me where I'm going to die, so I'll never go there.

There is no staff. I make all the investment decisions and I do all my own analysis.

Someone's sitting in the shade today because someone planted a tree a long time ago. The person sitting in the shade now should be grateful for the person who planted and tended that tree. That includes all those benefactors of humanity throughout history that created, invented, financed, produced, maintained and improved all that we enjoy today.

Only when the tide goes out do you discover who's been swimming naked.