We will prosper or suffer in controlled investments in relation to the operating performances of our businesses - we will not attempt to profit by playing various games in the securities markets.

There is no substitute for a local newspaper that is doing its job.

When a management with reputation for brilliance gets hooked up with a business with a reputation for bad economics, it's the reputation of the business that remains intact.

Read 500 pages every day. That's how knowledge works. It builds up like compound interest.

It's good to learn from your mistakes. It's better to learn from other people's mistakes.

It's better to hang out with people better than you. Pick out associates whose behavior is better than yours and you'll drift in that direction.

In some corner of the world they are probably still holding regular meetings of the Flat Earth Society. We derive no comfort because important people, vocal people, or great numbers of people agree with us. Nor do we derive comfort if they don't.