I wouldn’t mind going to jail if I had three cellmates who played bridge

We look for things I can understand. A lot of businesses I don't understand.

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.

If you buy things you do not need, soon you will have to sell things you need.

Market price, while used exclusively to value our investments in minority positions, is not a relevant factor when applied to our controlling interests.

When investing, pessimism is your friend, euphoria the enemy.

If you understood a business perfectly and the future of the business, you need very little in the way of a margin of safety.