I am a better investor because I am a businessman, and a better businessman because I am no investor.

We will reject interesting opportunities rather than over-leverage our balance sheet.

The key to life is to figure out who to be the batboy for.

If I taught a class, on my final exam I would take an Internet company and ask, 'How much is this company worth?' Anyone who would answer, I would flunk.

In our view, though, investment students need only two well-taught courses-How to Value a Business, and How to Think about Market Prices. Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business who's earnings are virtually certain to be materially higher five, ten and twenty years from now.

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.

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