I look for businesses in which I think I can predict what they're going to look like in ten to fifteen years time. Take Wrigley's chewing gum. I don't think the internet is going to change how people chew gum.

That would be nice if [people] stuck [treasury bills] all under a mattress, but they got to buy something with them. Sometimes they buy a treasury note, sometimes they set up sovereign wealth funds. They can do all kinds of things. They can buy our companies here. As long as we consume more than we produce, and we trade away little pieces of the country daily, they're going to own something. Now, they can't run from American assets. I mean every day the rest of the world is going to have about two billion more of American assets than we have, as long as they sell us these goods.

We've had public companies in the past in that business and they bleed. We've got a lot more blood than they do.

Mr. Market is your servant, not your guide.

Although we deal with probabilities and expectations, the actual results can deviate substantially from such expectations, particularly on a short-term basis.

The wise man once said invest young

Your money can be inflated away but your knowledge and talent cannot.