'The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.' - July 1999 at Herb Allen's Sun Valley, Idaho Retreat

'We're more comfortable in that kind of business. It means we miss a lot of very big winners. But we wouldn't know how to pick them out anyway. It also means w…

'The most common cause of low prices is pessimism-some times pervasive, some times specific to a company or industry. We want to do business in such an environ…

'I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful.'- lecturing to a group of students …