Returns decrease as motion increases.

Diversification is protection against ignorance. It makes little sense if you know what you are doing.

There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.

An ounce of prevention is worth a pound of cure understated.

Our policy is to concentrate holdings. We try to avoid buying a little of this or that when we are only lukewarm about the business or its price. When we are convinced as to attractiveness, we believe in buying worthwhile amounts.

If you don’t feel comfortable making a rough estimate of the asset’s future earnings, just forget it and move on. No one has the ability to evaluate every investment possibility. But omniscience isn’t necessary; you only need to understand the actions you undertake.

I did not think I would see the day when, you know, an AIG would not be able to have its checks clear.