Enjoy your work and work for whom you admire.

We've got more productive capacity now than we ever have.

A market downturn, doesn't bother us. For us and our long term investors, it is an opportunity to increase our ownership of great companies with great management at good prices. Only for short term investors and market timers is a correction not an opportunity.

Investment philosophy is the clear understanding that by owning shares of stocks he owns businesses, not pieces of paper.

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.

Observing that the market was FREQUENTLY efficient, EMT Adherents went on to conclude incorrectly that it was ALWAYS efficient. The difference between these propositions is night and day.

The (stock) market is there only as a reference point to see if anybody is offering to do anything foolish. When we invest in stocks, we invest in businesses.