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

No formula in finance tells you that the moat is 28 feet wide and 16 feet deep. That's what drives the academics crazy. They can compute standard deviations and betas, but they can't understand moats.

Life is like a snowball. The important thing is finding wet snow and a really long hill.

Anything can happen in stock markets and you ought to conduct your affairs so that if the most extraordinary events happen, that you're still around to play the next day.

Credit worthiness is like virginity, it can be preserved but not restored very easily, so it is crazy to play around with it.

The future is never clear; you pay a very high price in the stock market for a cheery consensus. Uncertainty actually is the friend of the buyer of long-term values.

Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to catch up with the price they paid.