“How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.”

There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back.

Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?

The best thing a human being can do is to help another human being know more.

The more hard lessons you can learn vicariously rather than through your own hard experience, the better.

I’m not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I am qualified to speak only when I’ve reached that state.

Acknowledging what you don’t know is the dawning of wisdom.

A foreign correspondent, after talking to me for a while, once said: “You don’t seem smart enough to be so good at what you’re doing. Do you have an explanation?”

There is bound to be a regression toward the mean.

You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas.

I believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting down and trying to dream it all up yourself. Nobody’s that smart.

If you don’t allow for self-serving bias in the conduct of others, you are, again, a fool.

If you can buy the best companies, over time the pricing takes care of itself.

Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.

A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.

There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn’t cover new reality. We want people taking into account new information.

I think that, every time you saw the word EBITDA, you should substitute the word “bullshit” earnings.

Leave aside your regrets of the past and anxieties of the future And focus intelligently on the present. This is the best way of ensuring a positive future.

I was never going to be a doctor or a lawyer, so being a musician seemed to be the best of what was on offer.

You learn all the best stuff in life after you leave school.

If I didn’t swim my best, I’d think about it at school, at dinner, with my friends. It would drive me crazy.

Eddie Cochran – I never got to see him live, but he could play. Him and Buddy Holly, they were the best guitarists. They could get a good raunchy beat going.

If you try to fight the course, it will beat you.

The best thing one can do when it’s raining is to let it rain.

I learned early in sports that to be effective – for a player to play the best he can play – is a matter of concentration and being unaware of distractions, positive or negative.