[W]e think the very term 'value investing' is redundant. What is 'investing' if it is not the act of seeking value at least sufficient to justify the amount paid? Consciously paying more for a stock than its calculated value -- in the hope that it can soon be sold for a still-higher price -- should be labeled speculation (which is neither illegal, immoral nor -- in our view -- financially fattening).

I think any time you couple the term "Wall Street" with "bailout" or something like that, you know - I don't like what's going on in Wall Street.

I look for businesses in which I think I can predict what they're going to look like in ten to fifteen years time. Take Wrigley's chewing gum. I don't think the internet is going to change how people chew gum.

I have three boxes on my desk: In, Out, and Too Hard.

We always live in an uncertain world. What is certain is that the United States will go forward over time.

I find that the standard of living does not go up in proportion with the cost of living. The trick in life is to do things that are fun all the time.

Traditional wisdom is long on tradition and short on wisdom.