If book knowledge made great investors, than the librarians would all be rich.

The rest of the world really likes our stuff pretty well. It's just we buy so damn much of what they produce.

It's a big mistake to try and mislead people. They will turn around.

The real fortunes in this country have been made by people who have been right about the business they invested in, and not right about the timing of the stock market.

Our favorite holding period is forever.

The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money. Think airlines. Here a durable competitive advantage has proven elusive ever since the days of the Wright Brothers. Indeed, if a farsighted capitalist had been present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down.

It is impossible to unsign a contract, so do all your thinking before you sign.