We are trading away a little bit of our country all the time for this access consumption that we have over what we've produced. That is not good. I think it's terrible over time. But our country's productive grows enough so we actually can do that, and we'll still be better off. We just don't be as well off as if we hadn't done it.

Investing is forgoing consumption now in order to have the ability to consume more at a later date.

I have a house that I bought 55 years ago. It's warm in the winter; it's cool in the summer. It has everything I wanted, plus it has all kinds of good memories. Like my kids, I have good thoughts about that. I can't imagine living any better.

Life is like a snowball. The important thing is finding wet snow and a really long hill.

Everybody's got a different circle of competence. The important thing is not how big the circle is. The important thing is staying inside the circle.

I’ve worked in an economy that rewards someone who saves the lives of others on a battlefield with a medal, rewards a great teacher with thank-you notes from parents, but rewards those who can detect the mispricing of securities with sums reaching into the billions.

What the wise do in the beginning, fools do in the end.