Investing requires qualities of temperament way more than it requires qualities of intellect.

I won't close down a business of subnormal profitability merely to add a fraction of a point to our corporate returns. I also feel it inappropriate for even an exceptionally profitable company to fund an operation once it appears to have unending losses in prospect. Adam Smith would disagree with my first proposition and Karl Marx would disagree with my second; the middle ground is the only position that leaves me comfortable.

I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business.

Knowing the edge of your competency is important. If you think you know more than you do, you will get in trouble.

Continually challenge and be willing to amend your best loved ideas.

Ignore the stock market, ignore the economy, and buy a business you understand.

I was lucky enough to be born in a time and place where society values my talent, and gave me a good education to develop that talent, and set up the laws and the finanical system to let me do what I love doing-and make a lot of money doing it. The least I can do is help pay for all that.