Problems in a company are like cockroaches in the kitchen. You will never find just one

The less prudence with which others conduct their affairs, the greater the prudence with which we should conduct our own affairs.

If you don’t feel comfortable making a rough estimate of the asset’s future earnings, just forget it and move on. No one has the ability to evaluate every investment possibility. But omniscience isn’t necessary; you only need to understand the actions you undertake.

If, when making a stock investment, you're not considering holding it at least ten years, don't waste more than ten minutes considering it.

We've had public companies in the past in that business and they bleed. We've got a lot more blood than they do.

The greatest Enemies of the Equity investor are Expenses and Emotions.

[The U.S. Treasury] can borrow basically unlimited amounts. They can stay there for years and years. These assets will be worth more money over time. So when Merrill Lynch sells a bunch of mortgage-related assets at 22 cents on the dollar like they did a month or so ago, the buyer goes - is going to make money, and he's going to make a lot more money if it happens to be an institution like the U.S. government which has very, very cheap borrowing costs.