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).

A contrarian approach is just as foolish as a follow-the-crowd strategy. What's required is thinking rather than polling.

The key to success is emotional stability.

Focus on your customers and lead your people as though their lives depend on your success.

I just think that - when a country needs more income and we do, we're only taking in 15 percent of GDP, I mean, that - that - when a country needs more income, they should get it from the people that have it.

Knowing what to leave out is just as important as knowing what to focus on.

Like most trends, at the beginning it's driven by fundamentals, at some point speculation takes over. What the wise man does in the beginning, the fool does in the end.