Do not put all your eggs in one basket.

If I eat 2,700 calories a day, a quarter of that is Coca-Cola.

First come the innovators, then come the imitators, then come the idiots.

You get what I call the natural progression, the three Is. The innovators, the imitators, and the idiots.

The stock market is a wonderfully efficient mechanism for transferring wealth from the impatient to the patient.

Take the probability of loss times the amount of possible loss from the probability of gain times the amount of possible gain. That is what we're trying to do. It's imperfect, but that's what it's all about.

Our goal is to find an outstanding business at a sensible price, not a mediocre business at a bargain price.