In my view, [the trade deficit] will create political turmoil at some point...Pretty soon, I think there will be a big adjustment.

The ideal business is one that earns very high returns on capital and that keeps using lots of capital at those high returns. That becomes a compounding machine.

I knew a lot about what I did when I was 20. I had read a lot, and I aspired to learn everything I could about the subject.

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

The dominant factors affecting control valuations are earning power (past and prospective) and asset values.

If you expect to continue to purchase stocks throughout your life, you should welcome price declines as a way to add stocks more cheaply to your portfolio.

Our marketable equities tell us by their operating results - not by their daily, or even yearly, price quotations - whether our investments are successful. The market may ignore business success for a while, but eventually will confirm it.