We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.

What the wise do in the beginning, fools do in the end.

As an investor with small capital, one should prefer businesses that have high returns on capital and that require little incremental investment to grow.

I like to buy things I can understand. I do a lot of research on things.

When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.

I have this complicated procedure I go through every morning, which is to look in the mirror and decide what I'm going to do. And I feel at that point, everybody's had their say.

It isn't given to man to be able to run a financial institution where different interest-rate scenarios will prevail on all of that so as to produce kind of smooth, regular earnings from a very large base to start with.