Uncertainty is the friend of the buyer of long term values.

Charlie [Munger] and I are not big fans of resumes. Instead, we focus on brains, passion and integrity.

I'd rather have a $10 million business making 15 per cent than a $100 million business making 5 per cent.

The difference between successful people and really successful people is that really successful people say no to almost everything.

When a management with reputation for brilliance gets hooked up with a business with a reputation for bad economics, it's the reputation of the business that remains intact.

The strategy we've adopted precludes our following standard diversification dogma. Many pundits would therefore say the strategy must be riskier than that employed by more conventional investors. We disagree. We believe that a policy of portfolio concentration may well decrease risk if it raises, as it should, both the intensity with which an investor thinks about a business and the comfort-level he must feel with its economic characteristics before buying into it.

Growth and value investing are joined at the hip.