Turnarounds seldom turn.

Diversification is protection against ignorance. It makes little sense if you know what you are doing.

We don't read other people's opinions. We want to get the facts, and then think.

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

If you want to soar like an eagle in life, you can't be flocking with the turkeys.

There's always a mismatch. I mean, you know, as the economy evolves, it reallocates resources. Now, the real problem, in my view, is - this has been - the prosperity has been unbelievable for the extremely rich people. If you go to 1982, when Forbes put on their first 400 list, those people had $93 billion. They now they have $2.4 trillion, 25 for one. That is - this has been a prosperity that's been disproportionately rewarding to the people on top.

Our policy is to concentrate holdings. We try to avoid buying a little of this or that when we are only lukewarm about the business or its price. When we are convinced as to attractiveness, we believe in buying worthwhile amounts.