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

When asked how he became so successful in investing, Buffett answered: 'we read hundreds and hundreds of annual reports every year.

We don't read other people's opinions. We want to get the facts, and then think.

What's going to happen - things we're doing are going to have some inflationary consequences.

Long ago, Ben Graham taught me that "Price is what you pay; value is what you get." Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.

Managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.

It's much easier to stay out of trouble now than to get out of trouble later.