The idea that you try to time purchases based on what you think business is going to do in the next year or two, I think that's the greatest mistake that investors make because it's always uncertain. People say it's a time of uncertainty. It was uncertain on September 10th, 2001, people just didn't know it. It's uncertain every single day. So take uncertainty as part of being involved in investment at all. But uncertainty can be your friend. I mean, when people are scared, they pay less for things. We try to price. We don't try to time at all.

A pin lies in wait for every bubble and when the two eventually meet, a new wave of investors learns some very old lessons.

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

It's a lot easier to buy things than it is to sell them.

Derivatives are financial weapons of mass destruction.

Gold has two significant shortcomings, being neither of much use nor procreative.

If you're extremely rich, and you have got children, my theory was, you give them enough so they can do anything, but not enough so they can do nothing.