Stocks are the only thing that people are happy to buy when the price goes up.

If you understood a business perfectly and the future of the business, you need very little in the way of a margin of safety.

In economics, you always want to ask 'And then what?'

Our approach is very much profiting from lack of change rather than from change. With Wrigley chewing gum, it's the lack of change that appeals to me. I don't think it is going to be hurt by the Internet. That's the kind of business I like.

Investing is simple, but not easy.

Charlie [Munger] and I are not big fans of resumes. Instead, we focus on brains, passion and integrity.

It's class warfare, my class is winning, but they shouldn't be.