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

The best business returns are usually achieved by companies that are doing something quite similar today to what they were doing five or ten years ago.

I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.

You ought to be able to explain why you’re taking the job you’re taking, why you’re making the investment you’re making, or whatever it may be. And if it can’t stand applying pencil to paper, you’d better think it through some more. And if you can’t write an intelligent answer to those questions, don’t do it.

The investor of today does not profit from yesterday's growth.

Accounting consequences do not influence our operating or capital-allocation decisions. When acquisition costs are similar, we much prefer to purchase $2 of earnings that is not reportable by us under standard accounting principles than to purchase $1 of earnings that is reportable.

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