If, when making a stock investment, you're not considering holding it at least ten years, don't waste more than ten minutes considering it.

I do know that when I am 60, I should be attempting to achieve different personal goals than those which had priority at age 20.

I won't close down a business of subnormal profitability merely to add a fraction of a point to our corporate returns. I also feel it inappropriate for even an exceptionally profitable company to fund an operation once it appears to have unending losses in prospect. Adam Smith would disagree with my first proposition and Karl Marx would disagree with my second; the middle ground is the only position that leaves me comfortable.

The important thing is to keep playing, to play against weak opponents and to play for big stakes.

I don't measure my life by the money I've made. Other people might, but certainly don't.

Risk can be greatly reduced by concentrating on only a few holdings.

We have embraced the 21st century by entering such cutting-edge industries as brick, carpet, insulation and paint. Try to control your excitement.