Our investments continue to be few in number and simple in concept: The truly big investment idea can usually be explained in a short paragraph. We like a business with enduring competitive advantages that is run by able and owner-oriented people. When these attributes exist, and when we can make purchases at sensible prices, it is hard to go wrong (a challenge we periodically manage to overcome).

If you don't make mistakes you can't make decisions.

I wouldn’t mind going to jail if I had three cellmates who played bridge

I would say it's more important who the treasury secretary is than who the vice president is. If you want to have a debate here, I'd like a debate between potential treasury secretaries than the vice presidential debate.

The fact that people will be full of greed, fear, or folly is predictable. The sequence is not predictable.

Intensity is the price of excellence.

Never be afraid to ask for too much when selling or offer too little when buying.