An investor should ordinarily hold a small piece of an outstanding business with the same tenacity that an owner would exhibit if he owned all of that business.

Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.

That's been lost. It's a huge problem. What you have is you have the major institutions of the world all wanting to deleverage. They want to take down their assets and liabilities. What seemed so easy to borrow against a year ago now looks like rat poison to them. So they're trying to deleverage. There is only one institution in the world that can leverage up in a way that's all a countervailing force to that, and that's the United States Treasury.

If you can't read the scoreboard. You don't know the score. If you don't know the score, you can't tell the winners from the losers.

You can lose leverage, and it's the only way a smart guy can go broke.

The best education you can get is investing in yourself, and that doesn't mean college or university.

What we really want to do is buy businesses that we would be happy to own forever.