Never invest in a business you can't understand.

The speed at which a business success is recognized, furthermore, is not that important as long as the company's intrinsic value is increasing at a satisfactory rate. In fact, delayed recognition can be an advantage: It may give us the chance to buy more of a good thing at a bargain price.

The best thing that happens to us is when a great company gets into temporary trouble...We want to buy them when they're on the operating table.

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

Investing is simple, but not easy.

Basically, the single-most important decision in evaluating a business is pricing power.