What we learn from history is that people don't learn from history.

The best thing that happens to us is when a great company gets into temporary trouble...We want to buy them when they're on the operating table.

The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.

If you own a wonderful business...the best thing to do is keep it. All you're going to do is trade your wonderful business for a whole bunch of cash, which isn't as good as the business, and you got the problem of investing in other businesses, and you probably paid a tax in between. So my advice to anybody who owns a wonderful business is keep it.

We do not view the company itself as the ultimate owner of our business assets but instead view the company as a conduit through which our shareholders own assets.

Chains of habit are too light to be felt until they are too heavy to be broken.

In one way, I'm sympathetic to the institutional reluctance to face the music. I'd give a lot to mark my weight to 'model' rather than to 'market.'