Charlie and I have a number of filters that things have to get through before we'll think about them.

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

Stocks of companies selling commodity-like products should come with a warning label: "Competition may prove hazardous to human wealth".

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.

I never buy anything unless I can fill out on a piece of paper my reasons. I may be wrong, but I would know the answer to that ...I'm paying $32 billion today for the Coca Cola Company because... If you can't answer that question, you shouldn't buy it. If you can answer that question, and you do it a few times, you'll make a lot of money.

Chains of habit are too light to be felt until they are too heavy to be broken.

An investor needs to do very few things right as long as he or she avoids big mistakes.