In the great majority of cases we simply do not know enough about the industry or company to come to sensible judgments-in that situation we pass.

Basically, the single-most important decision in evaluating a business is pricing power.

Do what you would do for free, having passion for what you do is the most important thing.

It is not necessary to do extraordinary things to get extraordinary results.

Our favorite holding period is forever.

Market prices for stocks fluctuate at great amplitudes around intrinsic value but, over the long term, intrinsic value is virtually always reflected at some point in market price.

All there is to investing is picking good stocks at good times and staying with them as long as they remain good companies.