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

When you build a bridge, you insist that it can carry 30,000 pounds, but you only drive 10,000-pound trucks across it. And that same principle works in investing.

There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.

Ignore the stock market, ignore the economy, and buy a business you understand.

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.

Stop trying to predict the direction of the stock market, the economy or elections.

The rest of the world really likes our stuff pretty well. It's just we buy so damn much of what they produce.