My partner, Charlie, says that there's only three ways that a smart person can go broke: liquor, ladies and leverage. - Warren Buffett

I like to study failure, actually. My partner says, "I want to know where I'll die so I'll never go there." We want to see what has caused businesses to go bad. The biggest thing that kills them is complacency. ... The danger would always be that you rest on your laurels.

We believe that a policy of portfolio concentration may well decrease risk if it raises, as it should, both the intensity with which an investor thinks about a business and the comfort-level he must feel with its economic characteristics before buying into it. In stating this opinion, we define risk, using dictionary terms, as “the possibility of loss or injury.

A horse that can count to ten is a remarkable horse — not a remarkable mathematician.