Basically, the single-most important decision in evaluating a business is pricing power.

In the insurance business, there is no statute of limitation on stupidity.

I never try to predict the market.

Focus on return on equity, not earnings per share.

I put heavy weight on certainty. It's not risky to buy securities at a fraction of what they're worth.

With a wonderful business, you can figure out what will happen; you can't figure out when it will happen. You don't want to focus on when, you want to focus on what. If you're right about what, you don't have to worry about when

We've got all the ingredients for a sensational future.