Everybody's got a different circle of competence. The important thing is not how big the circle is. The important thing is staying inside the circle.

The obligation of a society as prosperous as ours is to figure out how nobody gets left too far behind.

I can't promise results, but I can promise a common destiny.

We have usually made our best purchases when apprehensions about some macro event were at a peak. Fear is the foe of the faddist, but the friend of the fundamentalist.

Lethargy bordering on sloth remains the cornerstone of our investment style. The exception was Wells Fargo, a superbly-managed, high-return banking operation in which we increased our ownership to just under 10%, the most we can own without the approval of the Federal Reserve Board.

The optimum portfolio depends on the various expectations of choices available and the degree of variance in performance which is tolerable. The greater the number of selections, the less will be the average year-to-year variation in actual versus expected results. Also, the lower will be the expected results, assuming different choices have different expectations of performance.

You don't need to have extraordinary effort to achieve extraordinary results. You just need to do the ordinary, everyday things exceptionally well.