When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.

Derivatives are like sex. It's not who we're sleeping with, it's who they're sleeping with that's the problem.

We continue to make more money when snoring than when active.

As an investor with small capital, one should prefer businesses that have high returns on capital and that require little incremental investment to grow.

I do not believe in inheriting your position in society based on which womb you come from... I think a rich person should leave his children enough so they can do anything, but not enough so they can do nothing.

As one of my older friends says, "Nostalgia just isn't what it used to be." Let's take a stab at it, anyway.

Investors... can't pick stocks that are better than average. Stocks are a good thing to own over time. There's only two things you can do wrong: You can buy the wrong ones, and you can buy or sell them at the wrong time. And the truth is you never need to sell them.