I am not in the business of predicting general stock market of business fluctuations. If you think I can do this, or think it is essential to an investment program, you should not be in the partnership.

You know ... you keep doing the same things and you keep getting the same result over and over again.

If I taught a class, on my final exam I would take an Internet company and ask, 'How much is this company worth?' Anyone who would answer, I would flunk.

Don't invest in pieces of papers (stocks), invest in great businesses underlying them

The value of a business is the cash it's going to produce in the future.

The fundamental basis of above-average performance in the long run is sustainable competitive advantage.

In my view, [the trade deficit] will create political turmoil at some point...Pretty soon, I think there will be a big adjustment.