When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.

Knowing what to leave out is just as important as knowing what to focus on.

We all make mistakes. If you can't make mistakes, you can't make decisions. I've made a lot bigger mistakes myself.

When it's raining gold, reach for a bucket, not a thimble.

I was lucky to have the right heroes. Tell me who your heroes are and I'll tell you how you'll turn out to be. The qualities of the one you admire are the traits that you, with a little practice, can make your own, and that, if practiced, will become habit forming.

We're still in a recession. We're not gonna be out of it for a while, but we will get out.

Inactivity strikes us as intelligent behavior.