I bought my first stock in 1942, in the summer of '42. I was 11 years old. And so 75 years have gone by. And I have never known what the market's going to do the next day. And that's not my game. My game is to decide whether I'm in the right economy, which America's definitely been ever since that time. The Dow has gone from 100 to 21,000 during that time. And no matter what the headlines say, or terrible things are happening - we were losing the war in the Pacific when I first bought stocks.

I lose confidence in other people, all kinds of institutions.

When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.

Investment must be rational; if you can't understand it, don't do it.

I want to be able to explain my mistakes. This means I do only the things I completely understand.

If you don't know jewelry, know the jeweler.

I learned to go into business only with people whom I like, trust, and admire.