I've seen more people fail because of liquor and leverage -- leverage being borrowed money. You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing.

Consciously paying more for a stock than its calculated value - in the hope that it can soon be sold for a still-higher price - should be labelled speculation

At age 19, I read a book [The Intelligent Investor] and what I'm doing today, at age 76, is running things through the same thought process I learned from the book I read at 19.

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

If you hit a hole in one every hole, you wouldn’t play golf for very long.

Never ask a barber if you need a haircut.

The reaction of weak management to weak operations is often weak accounting.