Our favorite holding period is forever.

We do not have, nor have had, and never will have an opinion about where the stock market, interest rates, or business activity will be a year from now.

I just don't see anything available that gives any reasonable hope of delivering such a good year and I have no desire to grope around, hoping to 'get lucky' with other people's money. I am not attuned to this market environment, and I don't want to spoil a decent record by trying to play a game I don't understand just so I can go out a hero.

There's nothing inappropriate about having debt in America. It's what helped us grow over time. And it's when debt gets out of control that you worry.

The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.

I have no use whatsoever for projections or forecasts. They create an illusion of apparent precision. The more meticulous they are, the more concerned you should be. We never look at projections, but we care very much about, and look very deeply at, track records. If a company has a lousy track record, but a very bright future, we will miss the opportunity.

I sent one e-mail in my life. I sent it to Jeff Raikes at Microsoft, and it ended up in court in Minneapolis, so I am one for one.