I view derivatives as time bombs, both for the parties that deal in them and the economic system.

Successful Investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: You can't produce a baby in one month by getting nine women pregnant.

I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.

People went crazy with tulip bulbs. They went crazy with the South Sea Bubble, they went crazy internet stocks, they went crazy with the uranium stocks back when I was first getting started.

I'll tell you why I like the cigarette business. It cost a penny to make. Sell it for a dollar. It's addictive. And there's a fantastic brand loyalty.

The fundamental basis of above-average performance in the long run is sustainable competitive advantage.

Stocks are the only thing that people are happy to buy when the price goes up.