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

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

Don't invest in pieces of papers (stocks), invest in great businesses underlying them.

All there is to investing is picking good stocks at good times and staying with them as long as they remain good companies.

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

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.