People always should know better. People don't get - they don't get smarter about things that get as basic as greed.

There is no staff. I make all the investment decisions and I do all my own analysis.

The most important thing in terms of your circle of competence is not how large the area of it is, but how well you've defined the perimeter.

The best thing that happens to us is when a great company gets into temporary trouble...We want to buy them when they're on the operating table.

Generally, we have translated greater output in the few hours of work per week over the last century. And that's a good trend of the future. But we do have to have a system that, as output of goods and services keeps increasing per capita, that it takes care of the people who are willing to work and really are not getting by very well with a family on a 40-hour week.

I wouldn’t mind going to jail if I had three cellmates who played bridge

One of the ironies of the stock market is the emphasis on activity. Brokers, using terms such as 'marketability' and 'liquidity,' sing the praises of companies with high share turnover... but investors should understand that what is good for the croupier is not good for the customer. A hyperactive stock market is the pick pocket of enterprise.