We don’t have to be smarter than the rest. We have to be more disciplined than the rest.
We enjoy the process far more than the proceeds.
We like to buy businesses, but we don’t like to sell them.
We make no attempt to pick the few winners that will emerge from an ocean of unproven enterprises. We’re not smart enough to do that, and we know it. Instead, we try to apply Aesop’s 2,600-year-old equation to opportunities in which we have reasonable confidence as to how many birds are in the bush and when they will emerge.
We will have another bubble, but usually you don’t get it the same way you got it before.
We will only do with your money what we would do with our own.
We will reject interesting opportunities rather than over-leverage our balance sheet.
We’ve long felt that the only value of stock forecasters is to make fortune tellers look good. Even now, Charlie and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children.
We’re still in a recession. We’re not gonna be out of it for a while, but we will get out.
We’ve used up a lot of bullets. And we talk about stimulus. But the truth is, we’re running a federal deficit that’s 9% of GDP. That is stimulative as all get out. It’s more stimulative than any policy we’ve followed since World War II.