Always associate yourself with people who are better than you.

My wealth has come from a combination of living in America, some lucky genes, and compound interest.

I lose confidence in other people, all kinds of institutions.

The ability to say no is a tremendous advantage for an investor.

The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money. Think airlines. Here a durable competitive advantage has proven elusive ever since the days of the Wright Brothers. Indeed, if a farsighted capitalist had been present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down.

Our approach is very much profiting from lack of change rather than from change.

I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.