It is more important to say "no" to an opportunity, than to say "yes".

Mr. Market is your servant, not your guide.

When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.

You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are off the map - way off the map. You may find local companies that have nothing wrong with them at all. A company that I found, Western Insurance Securities, was trading for $3/share when it was earning $20/share!! I tried to buy up as much of it as possible. No one will tell you about these businesses. You have to find them.

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

In some corner of the world they are probably still holding regular meetings of the Flat Earth Society. We derive no comfort because important people, vocal people, or great numbers of people agree with us. Nor do we derive comfort if they don't.

I get to do what I like to do every single day of the year.