The ideal business is one that earns very high returns on capital and that keeps using lots of capital at those high returns. That becomes a compounding machine.

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.

Exercise humility and restraint.

A pin lies in wait for every bubble and when the two eventually meet, a new wave of investors learns some very old lessons.

We have usually made our best purchases when apprehensions about some macro event were at a peak. Fear is the foe of the faddist, but the friend of the fundamentalist.

It’s not that I want money. It’s the fun of making money and watching it grow.

If past history was all there was to the game, the richest people would be librarians.