I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.

Price is what you pay. Value is what you get.

In the long run managements stressing accounting appearance over economic substance usually achieve little of either.

Failing conventionally is the route to go; as a group, lemmings may have a rotten image, but no individual lemming has ever received bad press

In business, I look for economic castles protected by unreachable moats.

Never depend on single income. Make investment to create a second source.

In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.

Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.

The first rule is not to lose. The second rule is not to forget the first rule.