If principles can become dated, they're not principles.

The (stock) market is there only as a reference point to see if anybody is offering to do anything foolish. When we invest in stocks, we invest in businesses.

Remember that the stock market is manic-depressive.

Never risk what you have and need for what we don't have and don't need.

The banking business is no favorite of ours. When assets are twenty times equity - a common ratio in this industry - mistakes that involve only a small portion of assets can destroy a major portion of equity. And mistakes have been the rule rather than the exception at many major banks.

We like to buy businesses, but we don't like to sell them.

I prefer liquor store robbers with hungry kids to companies that locate offshore to avoid U.S. taxes.