Interest rates are to asset prices what gravity is to the apple. When there are low interest rates, there is a very low gravitational pull on asset prices.

Our goal is to find an outstanding business at a sensible price, not a mediocre business at a bargain price.

Our favorite holding period is forever.

Investment decision should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.

That which is not worth doing at all is not worth doing well.

Good profits simply are not inconsistent with good behavior.

If you own a wonderful business...the best thing to do is keep it. All you're going to do is trade your wonderful business for a whole bunch of cash, which isn't as good as the business, and you got the problem of investing in other businesses, and you probably paid a tax in between. So my advice to anybody who owns a wonderful business is keep it.