Calculate "owner earnings" to get a true reflection of value.

People always ask me where they should go to work, and I always tell them to go to work for whom they admire the most.

I've seen more people fail because of liquor and leverage -- leverage being borrowed money. You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing.

We've long felt that the only value of stock forecasters is to make fortune tellers look good. Even now, Charlie and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children.

The single most important decision in evaluating a business is pricing power.

We are trading away a little bit of our country all the time for this access consumption that we have over what we've produced. That is not good. I think it's terrible over time. But our country's productive grows enough so we actually can do that, and we'll still be better off. We just don't be as well off as if we hadn't done it.

We really can say no in 10 seconds or so to 90%+ of all the things that come along simply because we have these filters.