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

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

The most important investment you can make is in yourself... nobody can tax it or take it away from you.

When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.

You're neither right nor wrong because other people agree with you. You're right because your facts are right and your reasoning is right - that's the only thing that makes you right. And if your facts and reasoning are right, you don't have to worry about anybody else.

All day you wait for the pitch you like; then when the fielders are asleep, you step up and hit it.

The rest of the world really likes our stuff pretty well. It's just we buy so damn much of what they produce.