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.

The greater the potential for reward in the value portfolio, the less risk there is.

I mean, they were getting the mortgage of some guy in Omaha, you know, securitized a couple of times. I mean he had all these - they had all these types from Wall Street, you know, and they had advanced degrees, and they look very alert, and they came with these - they came with these things that said gamma and alpha and sigma and all that. And all I can say is beware of geeks, you know, bearing formulas. They've heard that in Europe.

If you look at the Forbes 400, they are paying a lower rate, accounting payroll taxes, than their secretary or - whomever around their office.

A Company should be viewed as an unfolding movie, not as a still photograph

Never get too hung up on mistakes.

If a business does well, the stock eventually follows.