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.

It's almost impossible to overpay the truly extraordinary CEO... but the species is rare.

Interest rates are to asset prices what gravity is to the apple. When there are low interest rates, there is a very low gravitational pull on asset prices.

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

I have always cautioned partners that I considered three years a minimum in determining whether we were "performing".

In that, we agreed with Andrew Carnegie, who said that huge fortunes that flow in large part from society should in large part be returned to society. In my case, the ability to allocate capital would have had little utility unless I lived in a rich, populous country in which enormous quantities of marketable securities were traded and were sometimes ridiculously mispriced. And fortunately for me, that describes the U.S. in the second half of the last century.