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.

When you're associating with the people that you love, doing what you love, it doesn't get any better than that.

I was lucky to have the right heroes. Tell me who your heroes are and I'll tell you how you'll turn out to be. The qualities of the one you admire are the traits that you, with a little practice, can make your own, and that, if practiced, will become habit forming.

Investment philosophy is the clear understanding that by owning shares of stocks he owns businesses, not pieces of paper.

I do know that when I am 60, I should be attempting to achieve different personal goals than those which had priority at age 20.

Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to catch up with the price they paid.

We've used derivatives for many, many years. I don't think derivatives are evil, per se, I think they are dangerous.