Don't borrow money to make investments.

If you understand the business, you don't need to own very many of them. If you have a harem of 40 women, you never get to know any of them very well.

The ideal business is one that earns very high returns on capital and that keeps using lots of capital at those high returns. That becomes a compounding machine.

Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stock to be misappraised.

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

I'll tell you why I like the cigarette business. It costs a penny to make. Sell it for a dollar. It's addictive. And there's fantastic brand loyalty.