A diamond cannot be polished without friction, nor a person perfected without trials. Someone is enjoying shade today because someone planted a tree a long time ago.

People always should know better. People don't get - they don't get smarter about things that get as basic as greed.

... not doing what we love in the name of greed is very poor management of our lives.

When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.

The most common cause of low prices is pessimism - sometimes pervasive, sometimes specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces.

Never get too hung up on mistakes.

When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.