The most dangerous distractions are the ones you love, but that don’t love you back.

An investor should ordinarily hold a small piece of an outstanding business with the same tenacity that an owner would exhibit if he owned all of that business.

It's the deleveraging that's going on right now that has caused the credit crisis.

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

The trick is, when there is nothing to do, do nothing.

I would say that an RFC-like thing might make sense. I probably would do it myself. But I don't think trying to combine that with what's going through now, I think what is needed now is liquidity.

So some guy may know how to make money in cocoa beans, but I don't so I just let him have that. But it's got to be something I understand. It's got to be a business with fundamentally good economics. It's got to be a management that I like and trust and admire. And it's got to be a price that makes sense.