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 business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.

The U.S. Treasury has got borrowing costs like nobody else has.

My idea of a group decision is to look in the mirror.

Charlie and I have a number of filters that things have to get through before we'll think about them.

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.

Only when you combine sound intellect with emotional discipline do you get rational behavior.