When forced to choose, I will not trade even a night's sleep for the chance of extra profits.

All I have to do is think and not be influenced by others.

I'll tell you why I like the cigarette business. It cost a penny to make. Sell it for a dollar. It's addictive. And there's a fantastic brand loyalty.

The three most important words in investing...Margin of Safety.

We make investment decisions based on our evaluation of the most profitable combination of probabilities.

We can afford to lose money - even a lot of money. But we can't afford to lose reputation - even a shred of reputation.

The advice "you never go broke taking a profit" is foolish.