We look for things I can understand. A lot of businesses I don't understand.

Well, it may be all right in practice, but it will never work in theory

SUPPOSE that an investor you admire and trust comes to you with an investment idea. This is a good one, he says enthusiastically. I'm in it, and I think you should be, too.

Investors should remember that their scorecard is not computed using Olympic-diving methods: Degree-of-difficulty doesn't count. If you are right about a business whose value is largely dependent on a single key factor that is both easy to understand and enduring, the payoff is the same as if you had correctly analyzed an investment alternative characterized by many constantly shifting and complex variables.

America should stand for more than just wealth.

Forecasts usually tell us more of the forecaster than of the forecast

There's no use running if you're on the wrong road.