Never invest in a business you don't understand.

I'll take the deal, whatever you want to do.

Anyone who believes a growth rate in excess of 15% per annum over the long term is attainable should pursue a career in sales, but avoid one in mathematics.

Investing is forgoing consumption now in order to have the ability to consume more at a later date.

In investing, just as in baseball, to put runs on the scoreboard, one must watch the playing field, not the scoreboard.

I have three boxes on my desk: In, Out, and Too Hard.

Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life. The calculation of intrinsic value, though, is not so simple. As our definition suggests, intrinsic value is an estimate rather than a precise figure, and it is additionally an estimate that must be changed if interest rates move or forecasts of future cash flows are revised.