Chains of habit are too light to be felt until they are too heavy to be broken.

Working with people who cause your stomach to churn seems much like marrying for money - probably a bad idea under any circumstances, but absolute madness if you are already rich.

The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money. Think airlines. Here a durable competitive advantage has proven elusive ever since the days of the Wright Brothers. Indeed, if a farsighted capitalist had been present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down.

Paradoxically, when 'dumb' money acknowledges its limitations, it ceases to be dumb.

I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.

Someone is sitting in the shade today because someone planted a tree a long time ago.

Games are won by players who focus on the playing field -- not by those whose eyes are glued to the scoreboard.