Enjoy your work and work for whom you admire.

In other words, the percentage change in book value in any given year is likely to be reasonably close to that year's change in intrinsic value.

If you expect to continue to purchase stocks throughout your life, you should welcome price declines as a way to add stocks more cheaply to your portfolio.

In the great majority of cases we simply do not know enough about the industry or company to come to sensible judgments-in that situation we pass.

I tell college students, when you get to be my age you will be successful if the people who you hope to have love you, do love you.

I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.

I was lucky to have the right heroes. Tell me who your heroes are and I'll tell you how you'll turn out to be. The qualities of the one you admire are the traits that you, with a little practice, can make your own, and that, if practiced, will become habit forming.