Leaving the question of price aside, the best business to own is one that over an extended period can employ large amounts of incremental capital at very high rates of return.

Stop trying to predict...

Anything can happen anytime in markets. And no advisor, economist, or TV commentator-and definitely not Charlie nor I-can tell you when chaos will occur. Market forecasters will fill your ear but will never fill your wallet.

Look for companies with high profit margins.

Read Ben Graham and Phil Fisher read annual reports, but don't do equations with Greek letters in them.

When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.

Enjoy your work and work for whom you admire.

If you can eliminate the government as a 39.6% partner, then you will be much better off.

The ideal business is one that earns very high returns on capital and that keeps using lots of capital at those high returns. That becomes a compounding machine.