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

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.

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

You ought to be able to explain why you’re taking the job you’re taking, why you’re making the investment you’re making, or whatever it may be. And if it can’t stand applying pencil to paper, you’d better think it through some more. And if you can’t write an intelligent answer to those questions, don’t do it.

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

Well, it may be all right in practice, but it will never work in theory

Unless your answers are clearly better, copy the answers of your betters.