My rather puritanical view is that any investment manager, whether operating as broker, investment counselor of a trust department, investment company, etc., should be willing to state unequivocally what he is going to attempt to accomplish and how he proposes to measure the extent to which he gets the job done.

If you can eliminate the government as a 39.6% partner, then you will be much better off.

The fundamental basis of above-average performance in the long run is sustainable competitive advantage.

I've argued with the senators and congressmen I've talked to. You don't want to be too little too late. If you buy them at the right price, you may be buying two trillion of face value.

When they get their ego involved, people do things they shouldn't do.

We have long felt that the only value of stock forecasters is to make fortune-tellers look good.

In the long run managements stressing accounting appearance over economic substance usually achieve little of either.