The future is never clear; you pay a very high price in the stock market for a cheery consensus. Uncertainty actually is the friend of the buyer of long-term values.

It takes 150 years to build an investment bank and only five minutes to convince you to sell me preferred stock in it at a 10% interest rate.

There is no question that an important service is provided to investors by investment companies, investment advisors, trust departments, etc. This service revolves around the attainment of adequate diversification, the preservation of a long-term outlook, the ease of handling investment decisions and mechanics, and most importantly, the avoidance of the patently inferior investment techniques which seem to entice some individuals.

The single most important decision in evaluating a business is pricing power.

Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.

The best business returns are usually achieved by companies that are doing something quite similar today to what they were doing five or ten years ago.

It's a lot easier to buy things than it is to sell them.