I never buy anything unless I can fill out on a piece of paper my reasons. I may be wrong, but I would know the answer to that ...I'm paying $32 billion today for the Coca Cola Company because... If you can't answer that question, you shouldn't buy it. If you can answer that question, and you do it a few times, you'll make a lot of money.

A great investment opportunity occurs when a marvelous business encounters a one-time huge, but solvable problem.

The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.

Equities will do well over time - you just have to avoid getting excited when other people are getting excited.

Games are won by players who focus on the playing field -- not by those whose eyes are glued to the scoreboard.

Your premium brand had better be delivering something special, or it's not going to get the business.

I think once you start putting phony figures into financial statements, you get in a lot of trouble. And we've seen so much of that in the last 20 years.