There are certain things that cannot be adequately explained to a virgin either by words or pictures.

I think I could make you fifty percent a year on one million dollars. No, I know I could. I guarantee that.

In the search [of a deal], we adopt the same attitude one might find appropriate in looking for a spouse: It pays to be active, interested, and open-minded, but it does not pay to be in a hurry.

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

Investors should remember that excitement and expenses are their enemies.

With a wonderful business, you can figure out what will happen; you can't figure out when it will happen. You don't want to focus on when, you want to focus on what. If you're right about what, you don't have to worry about when

An irresistable footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities - at full prices they couldn't buy enough of them. In 1974, after the bottom had fallen out, they committed a then record low of 21% to stocks.