It takes 150 years to build an investment bank and only five minutes to convince you to sell me preferred stock in it at a 10% interest rate.

Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stock to be misappraised.

Diversification is protection against ignorance. It makes little sense if you know what you are doing.

If you can tell me who your heroes are, I can tell you how you're going to turn out in life.

We say we are trying to buy into businesses with excellent economics, run by honest and able people at a decent price. We buy very few securities, so we look at it as "focused" investing.

I think confidence will come back.

The rich invest in time, the poor invest in money.