I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.

I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates were 39.9 percent in 1976-77 - shy away from a sensible investment because of the tax rate on the potential gain.

I always say that in investing you want to buy stock in a company that has a business that's so good that an idiot can run it, because sooner or later one will. We have a country like that.

Take Wrigley's Chewing Gum. I don't think the Internet is going to change how people chew gum.

The same things happen to quite an extent around the globe. I mean, the European banks were doing what the American banks were.

Beware [of] the investment activity that produces applause; the great moves are usually greeted by yawns.

Everybody's got a different circle of competence. The important thing is not how big the circle is. The important thing is staying inside the circle.