... it's important to have the right monetary policy. It's important for, to have the right fiscal policy. But it's nowhere near as important as just the normal regenerative capacity of American capitalism.

I'd rather have a $10 million business making 15 per cent than a $100 million business making 5 per cent.

I don't want to be on the other side of the table from the customer. I was never selling anything that I didn't believe in myself or use myself.

Wild swings in share prices have more to do with the "lemming- like" behaviour of institutional investors than with the aggregate returns of the company they own.

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

We're still in a recession. We're not gonna be out of it for a while, but we will get out.

The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money. Think airlines. Here a durable competitive advantage has proven elusive ever since the days of the Wright Brothers. Indeed, if a farsighted capitalist had been present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down.