If you are not willing to own a stock for 10 years, do not even think about owning it for 10 minutes.

Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.

We still find very few [stocks] that even mildly interest us. That dismal fact is testimony to the insanity of valuations reached during The Great Bubble. Unfortunately, the hangover may prove to be proportional to the binge.

The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money. Think airlines. Here a durable competitive advantage has proven elusive ever since the days of the Wright Brothers. Indeed, if a farsighted capitalist had been present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down.

At age 19, I read a book [The Intelligent Investor] and what I'm doing today, at age 76, is running things through the same thought process I learned from the book I read at 19.

I find that the standard of living does not go up in proportion with the cost of living. The trick in life is to do things that are fun all the time.

My friends and I have been coddled long enough by a billionaire-friendly Congress.