It's us fun being a horse when the tractor comes along, or the blacksmith when the car comes along.

Investment decision should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.

Risk comes from not knowing what you are doing so wide diversification is only required when investors are ignorant. You only have to do a very few things in your life so long as you don't do too many things wrong.

The best business returns are usually achieved by companies that are doing something quite similar today to what they were doing five or ten years ago.

We've used up a lot of bullets. And we talk about stimulus. But the truth is, we're running a federal deficit that's 9 percent of GDP. That is stimulative as all get out. It's more stimulative than any policy we've followed since World War II.

A CEO's behavior has a huge impact on managers down the line.

Outstanding long-term results are produced primarily by avoiding dumb decisions, rather than by making brilliant ones.