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

The most common cause of low prices is pessimism - sometimes pervasive, sometimes specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces.

Invest in as much of yourself as you can, you are your own biggest asset by far.

Personally, I really hope I can treat everyone equally. I think I have done a pretty good job so far but I know I can do it better.

Stop trying to predict the direction of the stock market, the economy or elections.

If you’re in the luckiest one per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.

Derivatives are financial weapons of mass destruction.