My favorite time frame for holding a stock is forever.

You should be unconcerned about short-term price action when you own the securities directly, just as you were unconcerned when you owned them indirectly through BPL. I think about them as businesses, not "stocks", and if the business does all right over the long term, so will the stock.

Having first rate people on the team is more important than designing hierarchies and clarifying who reports to whom.

We are trading away a little bit of our country all the time for this access consumption that we have over what we've produced. That is not good. I think it's terrible over time. But our country's productive grows enough so we actually can do that, and we'll still be better off. We just don't be as well off as if we hadn't done it.

Risk is a part of God's game, alike for men and nations.

A single year's performance is of minor importance and, good or bad, should never be taken seriously.

When people tell me they've learned from experience, I tell them the trick is to learn from other people's experience.