If you expect to continue to purchase stocks throughout your life, you should welcome price declines as a way to add stocks more cheaply to your portfolio.

I have always cautioned partners that I considered three years a minimum in determining whether we were "performing".

Although we deal with probabilities and expectations, the actual results can deviate substantially from such expectations, particularly on a short-term basis.

If you don't feel comfortable owning something for 10 years, then don't own it for 10 minutes.

I want to be able to explain my mistakes. This means I do only the things I completely understand.

The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price.

Our investments continue to be few in number and simple in concept: The truly big investment idea can usually be explained in a short paragraph. We like a business with enduring competitive advantages that is run by able and owner-oriented people. When these attributes exist, and when we can make purchases at sensible prices, it is hard to go wrong (a challenge we periodically manage to overcome).