Buy companies with strong histories of profitability and with a dominant business franchise.

I've learned mainly by reading myself. So I don't think I have any original ideas. Certainly, I talk about reading Graham. I've read Phil Fisher. So I've gotten a lot of my ideas from reading. You can learn a lot from other people. In fact, I think if you learn basically from other people, you don't have to get too many new ideas on your own. You can just apply the best of what you see.

Market prices for stocks fluctuate at great amplitudes around intrinsic value but, over the long term, intrinsic value is virtually always reflected at some point in market price.

If I knew where I was going to want to live the next five or 10 years I would buy a home and I'd finance it with a 30-year mortgage... It's a terrific deal.

Our approach is very much profiting from lack of change rather than from change.

We've had public companies in the past in that business and they bleed. We've got a lot more blood than they do.

I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.