We continue to make more money when snoring than when active.

Wide diversification is only required when investors do not understand what they are doing.

The three most important words in investing...Margin of Safety.

It's the deleveraging that's going on right now that has caused the credit crisis.

The truth is, everything that has happened in my life... that I thought was a crushing event at the time, has turned out for the better.

Our approach is very much profiting from lack of change rather than from change. With Wrigley chewing gum, it's the lack of change that appeals to me. I don't think it is going to be hurt by the Internet. That's the kind of business I like.

When investing, pessimism is your friend, euphoria the enemy.