You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing. I've never borrowed a significant amount of money in my life. Never. Never will. I've got no interest in it.

Nothing sedates rationality like large doses of effortless money.

We have long felt that the only value of stock forecasters is to make fortune-tellers look good.

Things you like to do should be a hobby of yours, but things the world does should be a business of yours.

Risk can be greatly reduced by concentrating on only a few holdings.

Benign neglect, bordering on sloth, remains the hallmark of our investment process.

Never give up searching for the job that you're passionate about.