Life is like a snowball. The important thing is finding wet snow and a really long hill.

The fundamental basis of above-average performance in the long run is sustainable competitive advantage.

It's got to be the best intellectual exercise out there. You're seeing through new situations every ten minutes. In the stock market you don't base your decisions on what the market is doing, but on what you think is rational. Bridge is about weighing gain/loss ratios. You're doing calculations all the time.

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

An investor will succeed by coupling good business judgment with an ability to insulate his thoughts and behavior from the super-contagious emotions that swirl about the marketplace.

I can't promise results, but I can promise a common destiny.

In the long run managements stressing accounting appearance over economic substance usually achieve little of either.