Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.

Managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.

If I eat 2,700 calories a day, a quarter of that is Coca-Cola.

There is no question that an important service is provided to investors by investment companies, investment advisors, trust departments, etc. This service revolves around the attainment of adequate diversification, the preservation of a long-term outlook, the ease of handling investment decisions and mechanics, and most importantly, the avoidance of the patently inferior investment techniques which seem to entice some individuals.

Do not save what is left after spending, but spend what is left after saving.

Confidence is key. You're not going to put your money - you're not going to leave your money with me unless you're confident I'm going to give it back to you.

After 25 years of buying and supervising a great variety of businesses, Charlie [Munger] and I have not learned how to solve difficult business problems. What we have learned is to avoid them. To the extent we have been successful, it is because we have concentrated on identifying one-foot hurdles that we could step over rather than because we acquired any ability to clear seven-footers.