Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to catch up with the price they paid.

In a difficult business, no sooner is one problem solved than another surfaces - never is there just one cockroach in the kitchen.

We will only do with your money what we would do with our own.

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

Fund consultants like to require style boxes such as "long-short," "macro," "international equities." At Berkshire our only style box is "smart."

I prefer liquor store robbers with hungry kids to companies that locate offshore to avoid U.S. taxes.

Time is the friend of the wonderful company, the enemy of the mediocre.