I want to be able to explain my mistakes. This means I do only the things I completely understand.

The financial calculus that Charlie and I employ would never permit our trading a good night's sleep for a shot at a few extra percentage points of return. I've never believed in risking what my friends and family have and need in order to pursue what they don't have and don't need.

Buy a cross section of American industry, and if a cross section of American industry doesn't work, certainly trying to pick the little beauties here and there isn't going to work either.

America should stand for more than just wealth.

What you really want to do in investments is figure out what's important and knowable. If it's unimportant or unknowable you forget about it.

Investing requires qualities of temperament way more than it requires qualities of intellect.

The U.S. Treasury has got borrowing costs like nobody else has.