The speed at which a business success is recognized, furthermore, is not that important as long as the company's intrinsic value is increasing at a satisfactory rate. In fact, delayed recognition can be an advantage: It may give us the chance to buy more of a good thing at a bargain price.

It's quite clear that stocks are cheaper than bonds. I can't imagine anybody having bonds in their portfolio when they can own equities, a diversified group of equities. But people do because they, the lack of confidence. But that's what makes for the attractive prices. If they had their confidence back, they wouldn't be selling at these prices. And believe me, it will come back over time.

Do what you love and work for whom you admire the most, and you've given yourself the best chance in life you can.

The stock market is a wonderfully efficient mechanism for transferring wealth from the impatient to the patient.

When you build a bridge, you insist that it can carry 30,000 pounds, but you only drive 10,000-pound trucks across it. And that same principle works in investing.

Buy companies with strong histories of profitability and with a dominant business franchise.

We've had public companies in the past in that business and they bleed. We've got a lot more blood than they do.