I do not believe in inheriting your position in society based on which womb you come from... I think a rich person should leave his children enough so they can do anything, but not enough so they can do nothing.

With a wonderful business, you can figure out what will happen; you can't figure out when it will happen. You don't want to focus on when, you want to focus on what. If you're right about what, you don't have to worry about when

A pack of lemmings looks like a group of rugged individualists compared with Wall Street when it gets a concept in its teeth.

Too often, executive compensation in the U.S. is ridiculously out of line with performance. That won't change, moreover, because the deck is stacked against investors when it comes to the CEO's pay.

In other words, the percentage change in book value in any given year is likely to be reasonably close to that year's change in intrinsic value.

I always knew I was going to be rich. I don't think I ever doubted it for a minute.

We have usually made our best purchases when apprehensions about some macro event were at a peak. Fear is the foe of the faddist, but the friend of the fundamentalist.