Exceptional businesses.
Long-term conviction.

“The best business is a royalty on the growth of others, requiring little capital itself.”

“Over the long term, the companies of America behave more like biology than they do anything else. In biology, all of the individuals die, so do all of the species. It's just a question of time” - on businesses inevitably getting “clobbered.”

“The stock market is designed to transfer money from the active to the patient.”

“The first rule of compounding: Never interrupt it unnecessarily.”

“If you’re not willing to react with equanimity to a market price decline of 50% 2-3 times a century, you are not fit to be a common shareholder and you deserve the mediocre result that you are going to get.”

“Show me the incentives, and I will show you the outcome.”

“You only need 2-3 investment positions ever.”

“Our favorite holding period is forever.”

“If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes.”

“Price is what you pay; value is what you get.”

“A great business at a fair price is superior to a fair business at a great price.”

“It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.”