Time is the friend of the wonderful company, the enemy of the mediocre.

We've got all the ingredients for a sensational future.

When somebody makes it very easy for you to do it by saying you don't really have to put up my money, you can lie about your income a little, or we'll give you 100 percent mortgage, you're going to do it, because everybody that's done it has been proven right. You have social tools, and you're going to feel like an idiot if you didn't do it, because the house cost more.

Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.

I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.

You should be unconcerned about short-term price action when you own the securities directly, just as you were unconcerned when you owned them indirectly through BPL. I think about them as businesses, not "stocks", and if the business does all right over the long term, so will the stock.

I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business.