"When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever."
"We will reject interesting opportunities rather than over-leverage our balance sheet. "
"Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results."
"I wouldn't mind going to jail if I had three cellmates who played bridge."
"We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely."
"The stock market is a no-called-strike game. You don't have to swing at everything—you can wait for your pitch. The problem when you're a money manager is that your fans keep yelling, 'Swing, you bum!'"
"I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will."
"I've reluctantly discarded the notion of my continuing to manage the portfolio after my death—abandoning my hope to give new meaning to the term 'thinking outside the box.'"
"I don't have a problem with guilt about money. The way I see it is that my money represents an enormous number of claim checks on society. It is like I have these little pieces of paper that I can turn into consumption."
"Success in investing doesn't correlate with I.Q. once you're above the level of 125. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing."
"I think I could make you 50% a year on $1 million. No, I know I could. I guarantee that."
"Someone's sitting in the shade today because someone planted a tree a long time ago."
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