Wide diversification is only required when investors do not understand what they are doing.

Our goal is to find an outstanding business at a sensible price, not a mediocre business at a bargain price.

You need a lot of curiosity for a long, long time.

If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy.

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

In looking for people to hire, look for three qualities: integrity, intelligence and energy. And if they don't have the first, the other two will kill you.

The idea that you try to time purchases based on what you think business is going to do in the next year or two, I think that's the greatest mistake that investors make because it's always uncertain. People say it's a time of uncertainty. It was uncertain on September 10th, 2001, people just didn't know it. It's uncertain every single day. So take uncertainty as part of being involved in investment at all. But uncertainty can be your friend. I mean, when people are scared, they pay less for things. We try to price. We don't try to time at all.