We also believe candour benefits us as managers. The CEO who misleads often in public eventually misleads himself in private.

The three most important words in investing...Margin of Safety.

The best investment you can make, is an investment in yourself... The more you learn, the more you'll earn.

The time to buy stocks is consistently over time. You should never buy your investments with the idea, 'I have to get a certain return.' You should look at the best return possible and learn to live with that. But you should not try to make your investments earn what you feel you need. It doesn't work that way. The stock doesn't know you own it.

I'm sitting with six and a half billion dollars we're going to use to close the Mars-Wrigley deal on October 6. I've got to hand over that six and a half billion on October 6. Now, I have to be very careful about who I leave it in between now and then, because they're expecting that he show up.

If I taught a class, on my final exam I would take an Internet company and ask, 'How much is this company worth?' Anyone who would answer, I would flunk.

If you cannot control your emotions, you cannot control your money.