Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.

If you gave me $100 billion and said take away the soft drink leadership of Coca-Cola in the world, I'd give it back to you and say it can't be done.

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

With a wonderful business, you can figure out what will happen; you can't figure out when it will happen. You don't want to focus on when, you want to focus on what. If you're right about what, you don't have to worry about when

You pay a very high price in the stock market for a cheery consensus.

Things you like to do should be a hobby of yours, but things the world does should be a business of yours.

When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.