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

I've often felt there might be more to be gained by studying business failures than business successes.

The same things happen to quite an extent around the globe. I mean, the European banks were doing what the American banks were.

When forced to choose, I will not trade even a night's sleep for the chance of extra profits.

The idea that you try to time purchases based on what you think business is going to do in the next year or two, I think that's the greatest mistake that investors make because it's always uncertain. People say it's a time of uncertainty. It was uncertain on September 10th, 2001, people just didn't know it. It's uncertain every single day. So take uncertainty as part of being involved in investment at all. But uncertainty can be your friend. I mean, when people are scared, they pay less for things. We try to price. We don't try to time at all.

Well, it may be all right in practice, but it will never work in theory

Intensity is the price of excellence.