“Our approach is very much profiting from lack of change rather than from change. With Wrigley chewing gum, it’s lack of change that appeals to me. I don’t think it is going to be hurt by the Internet. That’s the kind of business I like.”

“When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.”

“You only find out who is swimming naked when the tide goes out.”

“You don’t need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.”

“Wall Street is the only place that people ride to in a Rolls-Royce to get advice from those who take the subway.”

“Long ago, Ben Graham taught me that ‘Price is what you pay; value is what you get.’ Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.”

“The stock market is a no-called-strike game. You don’t have to swing at everything — you can wait for your pitch. The problem when you’re a money manager is that your fans keep yelling, ‘Swing, you bum!’”

“Someone is sitting in the shade today because someone planted a tree a long time ago.”

“Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.”

“Rule No. 1 : Never lose money.

Rule No. 2 : Never forget Rule No. 1.”