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

The greatest Enemies of the Equity investor are Expenses and Emotions.

The (stock) market is there only as a reference point to see if anybody is offering to do anything foolish. When we invest in stocks, we invest in businesses.

Personally, I really hope I can treat everyone equally. I think I have done a pretty good job so far but I know I can do it better.

You can lose leverage, and it's the only way a smart guy can go broke.

We've had public companies in the past in that business and they bleed. We've got a lot more blood than they do.

Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.