Never invest in a business you don't understand.

Everybody's got a different circle of competence. The important thing is not how big the circle is. The important thing is staying inside the circle.

I am quite serious when I say that I do not believe there are, on the whole earth besides, so many intensified bores as in these United States. No man can form an adequate idea of the real meaning of the word, without coming here.

The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price.

Personally, I really hope I can treat everyone equally. I think I have done a pretty good job so far but I know I can do it better.

Never depend on a single source of income.

The American economy is going to do fine. But it won't do fine every year and every week and every month. I mean, if you don't believe that, forget about buying stocks anyway... It's a positive-sum game, long term. And the only way an investor can get killed is by high fees or by trying to outsmart the market.