You can lose leverage, and it's the only way a smart guy can go broke.

Buy a cross section of American industry, and if a cross section of American industry doesn't work, certainly trying to pick the little beauties here and there isn't going to work either.

Do what you would do for free, having passion for what you do is the most important thing.

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

The great personal fortunes in the country weren't built on a portfolio of fifty companies. They were built by someone who identified one wonderful business. With each investment you make, you should have the courage and the conviction to place at least 10% of your net worth in that stock.

Always associate yourself with people who are better than you.

We try to buy businesses with good-to-superb underlying economics run by honest and able people and buy them at sensible prices. That's all I'm trying to do.