Shares are not mere pieces of paper. They represent part ownership of a business. So, when contemplating an investment, think like a prospective owner.

It is to our advantage to have securities do nothing price-wise for months, or perhaps years, while we are buying them.

Whatever you like to do, make it a hobby and whatever the world likes to do, make it a business.

I've seen more people fail because of liquor and leverage -- leverage being borrowed money. You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing.

I get to do what I like to do every single day of the year.

After 25 years of buying and supervising a great variety of businesses, Charlie [Munger] and I have not learned how to solve difficult business problems. What we have learned is to avoid them. To the extent we have been successful, it is because we have concentrated on identifying one-foot hurdles that we could step over rather than because we acquired any ability to clear seven-footers.

One’s objective should be to get it right, get it quick, get it out and get it over. Your problem won’t improve with age.