“Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.”

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.

We have found in a long life that one competitor is frequently enough to ruin a business.

I never allow myself to have an opinion on anything that I don’t know the other side’s argument better than they do.

Three rules for a career: 1) Don’t sell anything you wouldn’t buy yourself; 2) Don’t work for anyone you don’t respect and admire; and 3) Work only with people you enjoy.

It’s stupid the way people extrapolate the past — and not slightly stupid, but massively stupid.

If the value of a company doesn’t just scream out at you, it’s too close.

It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.

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

We don’t like trading agony for money

This is a good life lesson: getting the right people into your system is the most important thing you can do.

Women, because they are not generally the principal breadwinners, can be perhaps most useful as the trail blazers, working along the bypaths, doing the unusual job that men cannot afford to gamble on.

You’re looking for a mispriced gamble. That’s what investing is. And you have to know enough to know whether the gamble is mispriced. That’s value investing.

Don’t gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don’t go up, don’t buy it.

I don’t like to gamble, but if there’s one thing I’m willing to bet on, it’s myself.

Marriage is a gamble, let’s be honest.

Gamble everything for love, if you’re a true human being.

Whomever lives, gambles with life.

I would rather gamble on our vision than make a ‘me, too’ product.