A very rich person should leave his kids enough to do anything, but not enough to do nothing.

What an investor needs is the ability to correctly evaluate selected businesses. Note that word “selected”: You don't have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital.

I mean, you know, you're not going to change the human animal. And the human animal really doesn't get a lot smarter.

When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.

Do what you would do for free, having passion for what you do is the most important thing.

Well, it may be all right in practice, but it will never work in theory

Resolution Trust Company was set up to liquidate a bunch of assets that the government had inherited because the savings and loans went broke.