Earnings can be pliable as putty when a charlatan heads the company reporting them.

Our policy is to concentrate holdings. We try to avoid buying a little of this or that when we are only lukewarm about the business or its price. When we are convinced as to attractiveness, we believe in buying worthwhile amounts.

With housing it's something even more dramatic than that, because most people aspire to own their own home.If you really think that houses prices are going to go up next year and the year after, you feel if I don't buy it this year, I'm going to have to buy it next year.That's not true of an Internet stock. But it's true of a home.

If we start deciding, based on guesses or emotions, whether we will or won't participate in a business where we should have some long run edge, we're in trouble.

Why not invest your assets in the companies you really like? As Mae West said, 'Too much of a good thing can be wonderful'.

Always associate yourself with people who are better than you.

What the human being is best at doing is interpreting all new information so that their prior conclusions remain intact.