We say we are trying to buy into businesses with excellent economics, run by honest and able people at a decent price. We buy very few securities, so we look at it as "focused" investing.

Having a large amount of leverage is like driving a car with a dagger on the steering wheel pointed at your heart. If you do that, you will be a better driver. There will be fewer accidents but when they happen, they will be fatal.

If a business does well, the stock eventually follows.

We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely.

... not doing what we love in the name of greed is very poor management of our lives.

The .350 hitter expects, and also deserves, a big payoff for his performance - even if he plays for a cellar-dwelling team. And a .150 hitter should get no reward - even if he plays for a pennant winner.

Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.