Over the years, a number of very smart people have learned the hard way that a long string of impressive numbers multiplied by a single zero always equals zero.

Managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.

I am out of step with present conditions. When the game is no longer played your way, it is only human to say the new approach is all wrong, bound to lead to trouble, and so on. On one point, however, I am clear. I will not abandon a previous approach whose logic I understand ( although I find it difficult to apply ) even though it may mean foregoing large, and apparently easy, profits to embrace an approach which I don't fully understand, have not practiced successfully, and which possibly could lead to substantial permanent loss of capital.

I think that trying to invest through 535 people is a tough job, you know, and so I would give more latitude.

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

A single year's performance is of minor importance and, good or bad, should never be taken seriously.

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