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

An investor should ordinarily hold a small piece of an outstanding business with the same tenacity that an owner would exhibit if he owned all of that business.

If you own the only newspaper in town, up until the last five years or so, you have pricing power and you didn't have to go to the office.

If I got a chance to take one percent of the deal either way, I would make that bet.

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

I look for businesses in which I think I can predict what they're going to look like in ten to fifteen years time. Take Wrigley's chewing gum. I don't think the internet is going to change how people chew gum.

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. The upshot is that a mediocre-or-worse CEO - aided by his handpicked VP of human relations and a consultant from the ever-accommodating firm of Ratchet, Ratchet and Bingo - all too often receives gobs of money from an ill-designed compensation arrangement.