In our view, though, investment students need only two well-taught courses-How to Value a Business, and How to Think about Market Prices. Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business who's earnings are virtually certain to be materially higher five, ten and twenty years from now.

Having first rate people on the team is more important than designing hierarchies and clarifying who reports to whom.

I have a house that I bought 55 years ago. It's warm in the winter; it's cool in the summer. It has everything I wanted, plus it has all kinds of good memories. Like my kids, I have good thoughts about that. I can't imagine living any better.

Why not invest your assets in the companies you really like? As Mae West said, 'Too much of a good thing can be wonderful'.

If I subscribed to the efficient market theory I would still be delivering papers

I think people - what people want to do is make [economy] get worse.

A very rich person should leave his kids enough to do anything, but not enough to do nothing.