A single year's performance is of minor importance and, good or bad, should never be taken seriously.

If you own a wonderful business...the best thing to do is keep it. All you're going to do is trade your wonderful business for a whole bunch of cash, which isn't as good as the business, and you got the problem of investing in other businesses, and you probably paid a tax in between. So my advice to anybody who owns a wonderful business is keep it.

A bull market is like sex. It feels best just before it ends.

A stock doesn't know that you own it.

If you don't know the Jewelry, know the Jeweller

There is nothing like writing to force you to think and get your thoughts straight.

We've long felt that the only value of stock forecasters is to make fortune tellers look good. Even now, Charlie and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children.