If you lose money for the firm, I will be forgiving. If you lose reputation, I will be ruthless.

Anything can happen in stock markets and you ought to conduct your affairs so that if the most extraordinary events happen, that you're still around to play the next day.

I have always cautioned partners that I considered three years a minimum in determining whether we were "performing".

A market downturn, doesn't bother us. For us and our long term investors, it is an opportunity to increase our ownership of great companies with great management at good prices. Only for short term investors and market timers is a correction not an opportunity.

It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.

You will be right, over the course of many transactions, if your hypotheses are correct, your facts are correct, and your reasoning is correct. True conservatism is only possible through knowledge and reason.

Every company that has an economist working for him has one employee too many.