Wide diversification is only required when investors do not understand what they are doing.

Investment decision should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.

The most important investment you can make is in yourself... nobody can tax it or take it away from you.

The most common cause of low prices is pessimism - sometimes pervasive, sometimes specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces.

Investment ideas, like women are often more exciting than punctual.

Our goal is to find an outstanding business at a sensible price, not a mediocre business at a bargain price.