Many stock options in the corporate world have worked in exactly that fashion: they have gained in value simply because management retained earnings, not because it did well with the capital in its hands.

Charlie [Munger] and I are not big fans of resumes. Instead, we focus on brains, passion and integrity.

The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.

Risk comes from not knowing what you're doing.

The truth is, everything that has happened in my life... that I thought was a crushing event at the time, has turned out for the better.

I find that the standard of living does not go up in proportion with the cost of living. The trick in life is to do things that are fun all the time.

It's better to hang out with people better than you. Pick out associates whose behavior is better than yours and you'll drift in that direction.