Money will not change how healthy you are or how many people love you.

There are three important principles to Graham's approach. [The first is to look at stocks as fractional shares of a business, which] gives you an entirely different view than most people who are in the market. [The second principle is the margin-of-safety concept, which] gives you the competitive advantage. [The third is having a true investor's attitude toward the stock market, which] if you have that attitude, you start out ahead of 99 percent of all the people who are operating in the stock market - it's an enormous advantage.

Time is the friend of the wonderful business. It's the enemy of the lousy business. If you're in a lousy business for a long time, you're going to get a lousy result, even if you buy it cheap. If you're in a wonderful business for a long time, even if you pay a little too much going in, you're going to get a wonderful result if you stay in a long time.

I like to buy things I can understand. I do a lot of research on things.

Charlie [Munger] and I are not big fans of resumes. Instead, we focus on brains, passion and integrity.

We make investment decisions based on our evaluation of the most profitable combination of probabilities.

The important thing is to keep playing, to play against weak opponents and to play for big stakes.