The three most important words in investing...Margin of Safety.

It is obvious that the performance of a stock last year or last month is no reason, per se, to either own it or to not own it now. It is obvious that an inability to "get even" in a security that has declined is of no importance. It is obvious that the inner warm glow that results from having held a winner last year is of no importance in making a decision as to whether it belongs in an optimum portfolio this year.

The important thing is to keep playing, to play against weak opponents and to play for big stakes.

Charlie [Munger] and I are not big fans of resumes. Instead, we focus on brains, passion and integrity.

Investing in yourself is the best thing you can do. If you've got talents, no one can take them from you.

I understand Goldman Sachs businesses. We do lot of business with him, and GE has been - I think it's the longest running stock in the Dow Jones industrial average. It will be 100 years now it will be around. I hope I'm around then, too. And it was an attractive investment. And we have had a lot of money around, over the last two years, and we're seeing things that are attractive now.

We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.