Beware [of] the investment activity that produces applause; the great moves are usually greeted by yawns.

Of one thing be certain: if a CEO is enthused about a particularly foolish acquisition, both his internal staff and his outside advisors will come up with whatever projections are needed to justify his stance. Only in fairy tales are emperors told that they are naked.

I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.

You should invest in a business that even a fool can run, because someday a fool will.

Never do anything in life if you would be ashamed of seeing it printed on the front page of your hometown newspaper for your friends and family to see.

The rest of the world really likes our stuff pretty well. It's just we buy so damn much of what they produce.

Never depend on a single source of income.