My favorite time frame for holding a stock is forever.

Activity is the enemy of investment returns.

Occasionally, a man must rise above principles.

You could be somewhere where the mail was delayed three weeks and do just fine investing.

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

In my opinion, the entire field of investment management, involving hundreds of billions of dollars, would be more satisfactorily conducted if everyone had a good yardstick for measurement of ability and sensibly applied it.

So some guy may know how to make money in cocoa beans, but I don't so I just let him have that. But it's got to be something I understand. It's got to be a business with fundamentally good economics. It's got to be a management that I like and trust and admire. And it's got to be a price that makes sense.