Lethargy bordering on sloth remains the cornerstone of our investment style. The exception was Wells Fargo, a superbly-managed, high-return banking operation in which we increased our ownership to just under 10%, the most we can own without the approval of the Federal Reserve Board.

Focus alone is not enough; putting in the time to commit is also crucial to achieve success.

In a difficult business, no sooner is one problem solved than another surfaces - never is there just one cockroach in the kitchen.

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

Making money isn't the backbone of our guiding purpose; it is the by-product of our guiding purpose.

When you listen to tax-cut rhetoric, remember that giving one class of taxpayer a break requires - now or down the line - that an equivalent burden be imposed on other parties. In other words, if I get a break, someone else pays. Government can't deliver a free lunch to the country as a whole. It can however, determine who pays for lunch.

Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.