To be successful, you should concentrate on the world of companies, not arcane accounting mathematics.

Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life. The calculation of intrinsic value, though, is not so simple. As our definition suggests, intrinsic value is an estimate rather than a precise figure, and it is additionally an estimate that must be changed if interest rates move or forecasts of future cash flows are revised.

...I will give you two pieces of advice. Invest as much in yourself as you can; you are your own best asset by far. Then follow your passion; you want to be really excited to get out of bed every morning.

I've often felt there might be more to be gained by studying business failures than business successes.

Managers that always promise to 'make the numbers' will at some point be tempted to make up the numbers.

Market price, while used exclusively to value our investments in minority positions, is not a relevant factor when applied to our controlling interests.

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