The same things happen to quite an extent around the globe. I mean, the European banks were doing what the American banks were.

Shares are not mere pieces of paper. They represent part ownership of a business. So, when contemplating an investment, think like a prospective owner.

We do not have, nor have had, and never will have an opinion about where the stock market, interest rates, or business activity will be a year from now.

The best thing that happens to us is when a great company gets into temporary trouble...We want to buy them when they're on the operating table.

Never risk what you have and need for what we don't have and don't need.

I've learned mainly by reading myself. So I don't think I have any original ideas. Certainly, I talk about reading Graham. I've read Phil Fisher. So I've gotten a lot of my ideas from reading. You can learn a lot from other people. In fact, I think if you learn basically from other people, you don't have to get too many new ideas on your own. You can just apply the best of what you see.

If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio's market value.