The fundamental basis of above-average performance in the long run is sustainable competitive advantage.

In a bull market, one must avoid the error of the preening duck that quacks boastfully after a torrential rainstorm, thinking that its paddling skills have caused it to rise in the world. A right-thinking duck would instead compare its position after the downpour to that of the other ducks on the pond.

Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.

A bull market is like sex. It feels best just before it ends.

Exercise humility and restraint.

The three most important words in investing...Margin of Safety.

I’ve never believed in risking what my family and friends have and need in order to pursue what they don’t have and don’t need.