Your goal as an investor...to purchase, at a rational price, a part interest in an easily-understandable business whose earnings are virtually certain to be materially higher... years from now. Over time, you will find only a few companies that meet these standards�so when you see one... buy a meaningful amount of stock.

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The truly big investment idea can usually be explained in a short paragraph. We like a business with enduring competitive advantages that is run by able and owner-oriented people. When these attributes exist, and when we can make purchases at sensible prices, it is hard to go wrong.

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Derivatives are financial weapons of mass destruction.

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Unfortunately the hangover from the market bubble may prove to be proportionate to the binge.

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I don't pay attention to what the stock does. If the business does well, the stock eventually follows.

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Buy stocks like you buy your groceries, not like you buy your perfume.

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Business is all about putting out money today to get a whole lot back later.

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The funny thing is better TV shows don't cost that much more than lousy TV shows.

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The attitude of disrespect that many executives have today for accurate reporting is a business disgrace. And auditors...have done little on the positive side. Though auditors should regard the investing public as their client, they tend to kowtow instead to the managers who choose them and dole out their pay.

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One's objective should be to get it right, get it quick, get it out, and get it over... your problem won't improve with age.

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