The woman that comes in, takes the wastebasket away, she's paying 15.3 or whatever it is on payroll tax alone. I mean it is - I never had it so good.

We also believe candour benefits us as managers. The CEO who misleads often in public eventually misleads himself in private.

Buy companies with strong histories of profitability and with a dominant business franchise.

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

Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.

[Gold] gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.

Accounting consequences do not influence our operating or capital-allocation decisions. When acquisition costs are similar, we much prefer to purchase $2 of earnings that is not reportable by us under standard accounting principles than to purchase $1 of earnings that is reportable.