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 only way to be loved is to be loveable, which really irritates me.

The managers at fault periodically report on the lesson they have learned from the latest disappointment. They then usually seek out future lessons.

What we really want to do is buy businesses that we would be happy to own forever.

Stocks are the only thing that people are happy to buy when the price goes up.

Investment students need only two well-taught courses - How to Value a Business and How to Think About Market Prices

Never risk what you have and need for what we don't have and don't need.