I certainly have no desire to sell a good controlled business run by people I like and admire, merely to obtain a fancy price. However, specific conditions may cause the sale of one operating unit at some point.

Money is not everything. Make sure you earn a lot before speaking such nonsense.

In the business world, the rearview mirror is always clearer than the windshield.

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.

Money to some extent sometimes let you be in more interesting environments. But it can't change how many people love you or how healthy you are.

Our policy is to concentrate holdings. We try to avoid buying a little of this or that when we are only lukewarm about the business or its price. When we are convinced as to attractiveness, we believe in buying worthwhile amounts.

The stock market is a wonderfully efficient mechanism for transferring wealth from the impatient to the patient.