Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.

In an inflationary world, a toll bridge (like company) would be a great thing to own because you've laid out the capital costs. You built it in old dollars and you don't have to keep replacing it.

SUPPOSE that an investor you admire and trust comes to you with an investment idea. This is a good one, he says enthusiastically. I'm in it, and I think you should be, too.

I want to be able to explain my mistakes. This means I do only the things I completely understand.

Every company that has an economist working for him has one employee too many.

Making money isn't the backbone of our guiding purpose; it is the by-product of our guiding purpose.

They say the chains of habit are too light to be felt until they are too heavy to be broken. The chains you put around yourself now have enormous consequences as you go through life.