The important thing is to keep playing, to play against weak opponents and to play for big stakes.

Anyone who believes a growth rate in excess of 15% per annum over the long term is attainable should pursue a career in sales, but avoid one in mathematics.

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.

I always knew I was going to be rich. I don't think I ever doubted it for a minute.

I make plenty of mistakes and I'll make plenty more mistakes, too. That's part of the game. You've just got to make sure that the right things overcome the wrong ones.

Everybody's got a different circle of competence. The important thing is not how big the circle is. The important thing is staying inside the circle.

The problem with commodities is that you are betting on what someone else would pay for them in six months. The commodity itself isn't going to do anything for you....it is an entirely different game to buy a lump of something and hope that somebody else pays you more for that lump two years from now than it is to buy something that you expect to produce income for you over time.