The fact that people will be full of greed, fear, or folly is predictable. The sequence is not predictable.

There's not many businesses where someone can come in and offer to cut the price in half and somebody doesn't think about shifting. But that's the nature of the ratings business.

You are lucky in life if you have the right heroes. I advise all of you, to the extent you can, to pick out a few heroes

If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio's market value.

I know what I want to do and it makes sense to get going.

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

One observer commenting on security analysts over forty stated: "They know too many things that are no longer true." As long as I am "on stage", publishing a regular record and assuming responsibility for management of what amounts to virtually 100% of the net worth of many partners, I will never be able to put sustained effort into any non-BPL activity. If I am going to participate publicly. I can't help being competitive. I know I don't want to be totally occupied with out-pacing an investment rabbit all my life. The only way to slow down is to stop.