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

You have no ability, if you're a financial institution and you're threatened with criminal prosecution, you have no ability to negotiate.

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.

We do not have, nor have had, and never will have an opinion about where the stock market, interest rates, or business activity will be a year from now.

Asset-heavy businesses generally earn low rates of return - rates that often barely provide enough capital to fund the inflationary needs of the existing business, with nothing left over for real growth, for distribution to owners, or for acquisition of new businesses

The thing to do is to keep your mind when the world around you is losing theirs.

Do what you love and work for whom you admire the most, and you've given yourself the best chance in life you can.