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

The managers at fault periodically report on the lesson they have learned from the latest disappointment. They then usually seek out future lessons.

If you are a professional and have confidence, then I would advocate lots of concentration.

The difference between successful people and really successful people is that really successful people say no to almost everything.

When Berkshire buys common stock, we approach the transaction as if we were buying into a private business.

Diversification may preserve wealth, but concentration builds wealth.

Never give up searching for the job that you're passionate about.