As I have mentioned before, we cannot make the same sort of money out of permanent ownership of controlled businesses that can be made from buying and reselling such businesses, or from skilled investment in marketable securities. Nevertheless, they offer a pleasant long term form of activity (when conducted in conjunction with high grade, able people) at satisfactory rates of return.

When somebody makes it very easy for you to do it by saying you don't really have to put up my money, you can lie about your income a little, or we'll give you 100 percent mortgage, you're going to do it, because everybody that's done it has been proven right. You have social tools, and you're going to feel like an idiot if you didn't do it, because the house cost more.

When asked how he became so successful in investing, Buffett answered: 'we read hundreds and hundreds of annual reports every year.

Credit worthiness is like virginity, it can be preserved but not restored very easily, so it is crazy to play around with it.

Stop trying to predict the direction of the stock market, the economy or elections.

When you get to my age, you’ll measure your success in life by how many of the people you want to have love you actually do love you. That’s the ultimate test of how you’ve lived your life.

If the world couldn't see your results, would you rather be thought of as the world's greatest investor but in reality have the world's worst record? Or be thought of as the world's worst investor when you were actually the best?