Management can be guarded, especially if they know we own a lot of their stock. But their competitors will usually talk freely about them. It's like...

We continue to think that it is usually foolish to part with an interest in a business that is both understandable and durably wonderful. Business...

A bear in a bull market is like a prohibitionist at a cocktail party. At first, some people take his admonitions to heart and sip soda water. But as...

You simply want to acquire, at a sensible price, a business with excellent economics and able, honest management. Thereafter, you need only monitor...

We also believe that investors can benefit by focusing on their own look-through earnings. To calculate these, they should determine the underlying...

One of the ironies of the stock market is the emphasis on activity. Brokers, using terms such as "marketability" and "liquidity", sing the praises of...

Some investment strategies -- for instance, our efforts in arbitrage over the years -- require wide diversification. If significant risk exists in a...

Get to know two things about a man. How he earns his money and how he spends it. You will then have the clue to his character. You will have a...

Deciding on an investment philosophy is kind of like picking a spouse. Do you want someone who is volatile and romantic and emotional, or do you want...

The long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in...