Time is the friend of the wonderful business. It's the enemy of the lousy business. If you're in a lousy business for a long time, you're going to get a lousy result, even if you buy it cheap. If you're in a wonderful business for a long time, even if you pay a little too much going in, you're going to get a wonderful result if you stay in a long time.

Failing conventionally is the route to go; as a group, lemmings may have a rotten image, but no individual lemming has ever received bad press

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.

No formula in finance tells you that the moat is 28 feet wide and 16 feet deep. That's what drives the academics crazy. They can compute standard deviations and betas, but they can't understand moats.

Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.

Valuing a business is part art and part science.

Do not put all your eggs in one basket.