'We have tried occasionally to buy toads at bargain prices with results that have been chronicled in past reports. Clearly our kisses fell flat. We have done well with a couple of princes - but they were princes when purchased. At least our kisses didn't turn them into toads. And, finally, we have occasionally been quite successful in purchasing fractional interests in easily-identifiable princes at toad-like prices.'- 1981 Chairman's Letters to Shareholders

'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.'

'Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.'- 1974 Letter to Shareholders

'For some reason, people take their cues from price action rather than from values. What doesn't work is when you start doing things that you don't understand …