I buy expensive suits - they just look cheap on me.

You have hedge funds and people like that buying these assets to yield 15 or 20 percent, I mean, that's the buyer for these people that are trying to unload them.

When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.

Investors should be skeptical of history-based models. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma and the like, these models tend to look impressive. Too often, though, investors forget to examine the assumptions behind the models. Beware of geeks bearing formulas.

I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.

You don't ever ask a barber whether you need a haircut.

When asked how he became so successful in investing, Buffett answered: 'we read hundreds and hundreds of annual reports every year.