Take the probability of loss times the amount of possible loss from the probability of gain times the amount of possible gain. That is what we're trying to do. It's imperfect, but that's what it's all about.

The nature of democracy is such that when there's - there'll be revulsion, obviously, towards - that's never going to happen again.

The important thing is to keep playing, to play against weak opponents and to play for big stakes.

When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.

Our goal is to find an outstanding business at a sensible price, not a mediocre business at a bargain price.

We have a country where I don't know whether it's a million households a year or more, but good form.

The great personal fortunes in the country weren't built on a portfolio of fifty companies. They were built by someone who identified one wonderful business. With each investment you make, you should have the courage and the conviction to place at least 10% of your net worth in that stock.