'I'd be a bum on the street with a tin cup if the markets were always efficient.'

'You leave yourself an enormous margin of safety. You build a bridge that 30,000-pound trucks can go across and then you drive 10,000-pound trucks across it. T…

'Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.'

'If you understood a business perfectly and the future of the business, you would need very little in the way of a margin of safety. So, the more vulnerable th…