So some guy may know how to make money in cocoa beans, but I don't so I just let him have that. But it's got to be something I understand. It's got to be a business with fundamentally good economics. It's got to be a management that I like and trust and admire. And it's got to be a price that makes sense.

I'm happy when I can spend every day doing the things that I like to do. That's my luxury.

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

I could end the deficit in 5 minutes. You just pass a law that says that anytime there is a deficit of more than 3% of GDP all sitting members of congress are ineligible for reelection.

Do not save what is left after spending, but spend what is left after saving.

I've made money over the years by buying into good companies, run by good people, at attractive prices. And I don't try and make it out of buying into the market at one point and selling at another point.

The most important thing in terms of your circle of competence is not how large the area of it is, but how well you've defined the perimeter.