Mr. Market is kind of a drunken psycho. Some days he gets very enthused, some days he gets very depressed. And when he get really enthused you sell to him, and if he gets depressed, you buy from him. There's no moral taint attached to that.

Money will not change how healthy you are or how many people love you.

What we learn from history is that people don't learn from history.

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

In earlier years, a lesser effort produced literally dozens of comparable opportunities. It is difficult to be objective about the causes for such diminution of one's own productivity. Three factors that seem apparent are: (1) a somewhat changed market environment; (2) our increased size; and (3) substantially more competition.

Benign neglect, bordering on sloth, remains the hallmark of our investment process.

A fool and his money are soon invited everywhere.