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.

I read annual reports of the company I'm looking at and I read the annual reports of the competitors - that is the main source of material.

If you don't know jewelry, know the jeweler.

I am not in the business of predicting general stock market of business fluctuations. If you think I can do this, or think it is essential to an investment program, you should not be in the partnership.

When bills come due, only cash is legal tender. Don't leave home without it.

The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.

I view derivatives as time bombs, both for the parties that deal in them and the economic system.