With each investment you make, you should have the courage and the conviction to place at least ten per cent of your net worth in that stock

The stockmarket is a semi-psychotic creature given to extremes of elation and despair.

I like to buy things I can understand. I do a lot of research on things.

In a commodity business, it's very hard to be smarter than your dumbest competitor.

If you understood a business perfectly and the future of the business, you need very little in the way of a margin of safety.

There's nothing inappropriate about having debt in America. It's what helped us grow over time. And it's when debt gets out of control that you worry.

For some reason, people take their cues from price action rather than from values. What doesn't work is when you start doing things that you don't understand or because they worked last week for somebody else. The dumbest reason in the world to buy a stock is because it's going up.