Stocks are the only thing that people are happy to buy when the price goes up.

Never invest in a business you can't understand.

Long ago, Ben Graham taught me that "Price is what you pay; value is what you get." Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.

Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well.

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

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