In some corner of the world they are probably still holding regular meetings of the Flat Earth Society. We derive no comfort because important people, vocal people, or great numbers of people agree with us. Nor do we derive comfort if they don't.

Our goal is to find an outstanding business at a sensible price, not a mediocre business at a bargain price.

If you can't read the scoreboard. You don't know the score. If you don't know the score, you can't tell the winners from the losers.

You shouldn't own common stocks if a 50 per cent decrease in their value in a short period of time would cause you acute distress.

We would do best in a market where everyone acted foolishly.

If some institution wants to sell you a billion dollars worth of mortgages, they might have to sell 100 million in the market, and then you'll buy the other 900 million on the same terms. Now, the very fact that this has been authorized or will be authorized, I hope, will firm up the market to some degree. And that's fine. But you don't want to have artificial prices being paid.

Good big decisions do not take time at all, if they do you are in trouble.