A low-cost index fund is the most sensible equity investment for the great majority of investors. My mentor, Ben Graham, took this position many years ago, and everything I have seen since convinces me of its truth.

When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.

The extraordinary business does not require good management.

The nature of democracy is such that when there's - there'll be revulsion, obviously, towards - that's never going to happen again.

Well, one time some attractive woman sat next to Charlie and asked him what he owed his success to, and, unfortunately, she insisted on a one word answer. He had a speech prepared that would have gone on for several hours. But when forced to boil it down to one word, he said that was "rational". You know, he comes equipped for rationality, and he applies it in business. He doesn't always apply it elsewhere, but he applies it in business and that has made him a huge business success.

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

Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.