If you own the only newspaper in town, up until the last five years or so, you have pricing power and you didn't have to go to the office.

Chains of habit are too light to be felt until they are too heavy to be broken.

We make investment decisions based on our evaluation of the most profitable combination of probabilities.

When asked how he became so successful in investing, Buffett answered: 'we read hundreds and hundreds of annual reports every year.

An IPO is like a negotiated transaction - the seller chooses when to come public - and it's unlikely to be a time that's favourable to you.

Risk comes from not knowing what you are doing so wide diversification is only required when investors are ignorant. You only have to do a very few things in your life so long as you don't do too many things wrong.

We have learned to turn out lots of goods and services, but we haven't learned as well how to have everybody share in the bounty. The obligation of a society as prosperous as ours is to figure out how nobody gets left too far behind.