We're perfectly willing to trade away a big payoff for a certain payoff.

Truly conservative actions arise from intelligent hypotheses, correct facts and sound reasoning.

While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks.

As far as you are concerned, the stock market does not exist. Ignore it.

A great investment opportunity occurs when a marvelous business encounters a one-time huge, but solvable problem.

Accounting consequences do not influence our operating or capital-allocation decisions. When acquisition costs are similar, we much prefer to purchase $2 of earnings that is not reportable by us under standard accounting principles than to purchase $1 of earnings that is reportable.

One of the ironies of the stock market is the emphasis on activity. Brokers, using terms such as 'marketability' and 'liquidity,' sing the praises of companies with high share turnover... but investors should understand that what is good for the croupier is not good for the customer. A hyperactive stock market is the pick pocket of enterprise.