With enough insider information and a million dollars, you can go broke in a year.

Uncertainty is the friend of the buyer of long term values.

It's easy to identify many investment managers with great recent records. But past results, though important, do not suffice when prospective performance is being judged. How the record has been achieved is crucial.

Life is like a snowball. The important thing is finding wet snow and a really long hill.

We only want to link up with people whom we like, admire, and trust. ... We do not wish to join with managers who lack admirable qualities, no matter how attractive the prospects of their business. We've never succeeded in making a good deal with a bad person.

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

The American economy is going to do fine. But it won't do fine every year and every week and every month. I mean, if you don't believe that, forget about buying stocks anyway... It's a positive-sum game, long term. And the only way an investor can get killed is by high fees or by trying to outsmart the market.