If you knew what was going to happen in the economy, you still wouldn't necessarily know what was going to happen in the stock market.

We always live in an uncertain world. What is certain is that the United States will go forward over time.

The key to success is emotional stability.

We say we are trying to buy into businesses with excellent economics, run by honest and able people at a decent price. We buy very few securities, so we look at it as "focused" investing.

Managers thinking about accounting issues should never forget one of Abraham Lincoln's favorite riddles: How many legs does a dog have, if you call a tail a leg? The answer: Four, because calling a tail a leg doesn't make it a leg.

We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely.

Uncertainty is the friend of the buyer of long term values.