Charlie [Munger] and I are not big fans of resumes. Instead, we focus on brains, passion and integrity.

You can lose leverage, and it's the only way a smart guy can go broke.

When forced to choose, I will not trade even a night's sleep for the chance of extra profits.

You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are off the map - way off the map. You may find local companies that have nothing wrong with them at all. A company that I found, Western Insurance Securities, was trading for $3/share when it was earning $20/share!! I tried to buy up as much of it as possible. No one will tell you about these businesses. You have to find them.

Someone is sitting in the shade today because someone planted a tree a long time ago.

Two rules: 1. Preserve the principal 2. When in doubt, see Rule #1.

As I have mentioned before, we cannot make the same sort of money out of permanent ownership of controlled businesses that can be made from buying and reselling such businesses, or from skilled investment in marketable securities. Nevertheless, they offer a pleasant long term form of activity (when conducted in conjunction with high grade, able people) at satisfactory rates of return.