While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks.

Accounting consequences do not influence our operating or capital-allocation decisions. When acquisition costs are similar, we much prefer to purchase $2 of earnings that is not reportable by us under standard accounting principles than to purchase $1 of earnings that is reportable.

The wise man once said invest young

It is to our advantage to have securities do nothing price-wise for months, or perhaps years, while we are buying them.

Wall Street makes its money on activity. You make your money on inactivity.

The less prudence with which others conduct their affairs, the greater the prudence with which we should conduct our own affairs.

I'll tell you why I like the cigarette business. It cost a penny to make. Sell it for a dollar. It's addictive. And there's a fantastic brand loyalty.