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.

Everybody's got a different circle of competence. The important thing is not how big the circle is. The important thing is staying inside the circle.

My friends and I have been coddled long enough by a billionaire-friendly Congress.

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

To win, the first thing you have to do is not lose.

Writing checks to the IRS that include strings of zeros does not bother me ... Overall, we feel extraordinarily lucky to have been dealt a hand in life that enables us to write large checks to the government rather than one requiring the government to regularly write checks to us-say, because we are disabled or unemployed.

A contrarian approach is just as foolish as a follow-the-crowd strategy. What's required is thinking rather than polling.