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

No formula in finance tells you that the moat is 28 feet wide and 16 feet deep. That's what drives the academics crazy. They can compute standard deviations and betas, but they can't understand moats.

Be fearful when there is greed and be greedy when there is fear.

Never give up searching for the job that you're passionate about.

I think the most important factor in getting out of the recession actually is just the regenerative capacity of - of American capitalism.

We make investment decisions based on our evaluation of the most profitable combination of probabilities.

I asked him what he wanted to do for his career, and he replied that he wanted to go into a particular field, but thought he should work for McKinsey for a few years first to add to his resume. To me that's like saving sex for your old age. It makes no sense.