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It's better to hang out with people better than you. Pick out associates whose behavior is better than yours and you'll drift in that direction.

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Price is what you pay. Value is what you get.

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We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.

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Chains of habit are too light to be felt until they are too heavy to be broken.

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It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.

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Someone's sitting in the shade today because someone planted a tree a long time ago.

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Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.

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Risk comes from not knowing what you're doing.

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It's only when the tide goes out that you discover who's been swimming naked.

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It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

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Our favorite holding period is forever.

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You're dealing with a lot of silly people in the marketplace; it's like a great big casino and everyone else is boozing. If you can stick with Pepsi, you should be O.K.

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I happen to have a talent for allocating capital. But my ability to use that talent is completely dependent on the society I was born into. If I'd been born into a tribe of hunters, this talent of mine would be pretty worthless. I can't run very fast. I'm not particularly strong. I'd probably end up as some wild animal's dinner.

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After 25 years of buying and supervising a great variety of businesses, Charlie and I have not learned how to solve difficult business problems. What we have learned is to avoid them. To the extent we have been successful, it is because we concentrated on identifying one-foot hurdles that we could step over rather than because we acquired any ability to clear seven-footers.

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We've long felt that the only value of stock forecasters is to make fortune tellers look good. Even now, Charlie and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children