A public-opinion poll is no substitute for thought.

Accounting consequences do not influence our operating or capital-allocation decisions. When acquisition costs are similar, we much prefer to purchase $2 of earnings that is not reportable by us under standard accounting principles than to purchase $1 of earnings that is reportable.

Don't invest in pieces of papers (stocks), invest in great businesses underlying them

You should invest like a Catholic marries: for life.

You will be right, over the course of many transactions, if your hypotheses are correct, your facts are correct, and your reasoning is correct. True conservatism is only possible through knowledge and reason.

There are 309 million people out there that are trying to improve their lot in life. And we've got a system that allows them to do it.

The value of a business is the cash it's going to produce in the future.