Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.

People will always try to stop you from doing the right thing if it is unconventional.

Growth and value investing are joined at the hip.

In the end we must have people to match our principles, not the reverse.

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.

When we really sit back with a smile on our face is when we run into a situation we can understand, where the facts are ascertainable and clear, and the course of action obvious.

I'll tell you why I like the cigarette business. It cost a penny to make. Sell it for a dollar. It's addictive. And there's a fantastic brand loyalty.