I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates were 39.9 percent in 1976-77 - shy away from a sensible investment because of the tax rate on the potential gain.

I learned to go into business only with people whom I like, trust, and admire.

You don't need to be an expert in order to achieve satisfactory investment returns. But if you aren't, you must recognize your limitations and follow a course certain to work reasonably well. Keep things simple and don't swing for the fences.

There are all kinds of businesses that Charlie and I don't understand, but that doesn't cause us to stay up at night. It just means we go on to the next one, and that's what the individual investor should do.

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.

Market price, while used exclusively to value our investments in minority positions, is not a relevant factor when applied to our controlling interests.

Investing is laying out money now to get more money back in the future.