On acquiring bad companies for cheap prices: 'In my early days as a manager I, too, dated a few toads. They were cheap dates - I've never been much of a sport - but my results matched those of acquirers who courted higher-price toads. I kissed and they croaked.'

'Despite three years of falling prices, which have significantly improved the attractiveness of common stocks, we still find very few that even mildly interest…

'I like to go for cinches. I like to shoot fish in a barrel. But I like to do it after the water has run out.'- Oct. 2003 talking with Wharton MBA students

'If you're an investor, you're looking on what the asset is going to do, if you're a speculator, you're commonly focusing on what the price of the object is go…