I have no use whatsoever for projections or forecasts. They create an illusion of apparent precision. The more meticulous they are, the more concerned you should be. We never look at projections, but we care very much about, and look very deeply at, track records. If a company has a lousy track record, but a very bright future, we will miss the opportunity.

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

Risk can be greatly reduced by concentrating on only a few holdings.

Buy a cross section of American industry, and if a cross section of American industry doesn't work, certainly trying to pick the little beauties here and there isn't going to work either.

I think the biggest thing we need is to unclog the credit markets, and we may need another stimulus - if we do, it's - it should go to the lower and middle-income people.

Activity is the enemy of investment returns.

I get to do what I like to do every single day of the year.