You are neither right nor wrong because the crowd disagrees with you.

It's easy to identify many investment managers with great recent records. But past results, though important, do not suffice when prospective performance is being judged. How the record has been achieved is crucial.

When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.

People do, as long as you have markets, you'll have excesses.

I would push purchasing power - you push out $1,000 of purchasing to those people, it's going to get - it's going to get spent. And it needs to be spent. They need it. And it should come, to some extent, from guys like me.

You need a lot of curiosity for a long, long time.

If you've got the power to raise prices without losing business to a competitor, you've got a very good business. And if you have to have a prayer session before raising the price by a tenth of a cent, then you've got a terrible business. I've been in both, and I know the difference.