Knowing what to leave out is just as important as knowing what to focus on.

The purpose of life is to be loved by as many people as possible among those you want to have love you

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.

Success in investing doesn’t correlate with I.Q. Once you are above the level of 25; once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.

The most common cause of low prices is pessimism - sometimes pervasive, sometimes specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces.

What's going to happen - things we're doing are going to have some inflationary consequences.

If you get to my age in life and nobody thinks well of you, I don't care how big your bank account is, your life is a disaster.