It makes a difference who the treasury secretary is.

If we start deciding, based on guesses or emotions, whether we will or won't participate in a business where we should have some long run edge, we're in trouble.

If you want to shoot rare, fast-moving elephants, you should always carry a loaded gun.

When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.

Government can't deliver a free lunch to the country as a whole. It can, however, determine who pays for lunch. And last week the Senate handed the bill to the wrong party... the poor and middle class.

As I have mentioned before, we cannot make the same sort of money out of permanent ownership of controlled businesses that can be made from buying and reselling such businesses, or from skilled investment in marketable securities. Nevertheless, they offer a pleasant long term form of activity (when conducted in conjunction with high grade, able people) at satisfactory rates of return.

The Noah rule: Predicting rain doesn't count; building arks does.