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.

Much success can be attributed to inactivity. Most investors cannot resist the temptation to constantly buy and sell.

The reaction of weak management to weak operations is often weak accounting.

Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.

I bought a company in the mid-90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I've made lots of dumb decisions. That's part of the game.

Occasionally, a man must rise above principles.

The key to life is to figure out who to be the batboy for.