It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

Good profits simply are not inconsistent with good behavior.

We don't read other people's opinions. We want to get the facts, and then think.

Forecasts usually tell us more of the forecaster than of the forecast

You pay a very high price in the stock market for a cheery consensus.

Investors, of course, can, by their own behavior make stock ownership highly risky. And many do. Active trading, attempts to "time" market movements, inadequate diversification, the payment of high and unnecessary fees to managers and advisors, and the use of borrowed money can destroy the decent returns that a life-long owner of equities would otherwise enjoy. Indeed, borrowed money has no place in the investor's tool kit.

I've read about all the sales today. If you're an auto dealer, you're feeling it. If you're a furniture retailer like we are, you're feeling it. If you're a jewelry retailer, you're feeling it. I know some of these businesses because we're in them. Yeah, it's being felt, but it will be felt big time more if we don't do something about it, what's going on.