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" I think most people agree with the idea of shared sacrifice, but for many, when push comes to shove, that principle goes out the window. "

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" Well-managed companies with independent boards have nothing to fear from activist shareholders. "

" Dealing with uncertainty is always a key challenge for investors. But dealing with uncertainty doesn't mean avoiding it - on the contrary, it is often fuzziness about a company's future that creates the type of opportunity bargain-hunting investors cherish. "

" Because I'm a very public figure, everybody knows what my returns are. "

" Pence is far too conservative for me, but by all accounts, he's an intelligent, experienced, decent man with no skeletons in his closet. "

" Wall Street, in the main, hates uncertainty, which manifests itself in depressed share prices of companies whose prospects lack 'visibility.' But where the market can err is in confusing uncertainty with risk. "

" It's human nature: for most investors, the pain of stocks going down is more tangible than the joy of when they go up. The common impulse is to do something - anything - to minimise the pain. "

" I love and celebrate good teachers, and it's critical that we do more to identify them and keep them happy and motivated. "

" We like to say we pray in the church of Graham, Dodd, Buffett, and Munger. "

" Netflix is a better company with more upside than we had given it credit for than when we shorted it. "

" While I take no pleasure in others' misfortunes, we've historically made most of our profits from other investors behaving in a panicked and irrational fashion and selling us certain stocks at prices far below their intrinsic value. More volatility equals cheaper stocks, which equals higher returns. "

" Without doubt, timely and democratic access to financial and market information contributes to smoothly functioning financial markets. "

" In the game of politics, both parties are sometimes guilty of passing really stupid laws that, in reality, are purely symbolic and have no real impact on anyone. "

" There are far too many ineffective teachers and, in particular, far too many truly terrible teachers who are harming children and poisoning the system. "

" Investing is a probabilistic business. Every once in a while, it's sort of like you're throwing six-sided dice, and anything except a one or a two, you're doing well. Statistically speaking, you throw the dice enough times, you're going to throw a one or a two five times in a row, and you're going to look pretty foolish, right? "

" I have long believed the corporate world is plagued by poor capital allocation decisions. "

" Nirvana, to a value investor, is paying a cheap price for a company that is growing in value every year at a nice rate - this largely explains why today we own stocks like Berkshire Hathaway, McDonald's, Wal-Mart, Microsoft, Costco and Anheuser-Busch. "

" When reviewing one's portfolio, it is important to be aware of common mental mistakes that may lead to bad decisions. The most powerful is commitment bias, which, as manifested in investing, is the tendency to fall in love with one's stocks. "

" Parents are, of course, most important in shaping their children's lives, but teachers are critically important as well. Who among us doesn't look back on a few great teachers who inspired us, opened up new worlds, and helped make us who we are? "

" We call ourselves 'opportunistic value investors.' "

" My portfolio consists of many companies I find fundamentally undervalued in which I expect activism to play a role in the value being realised. "

" To a large extent, equity investors put their hard-earned capital into the hands of management and count on it being employed skilfully and honestly. When that doesn't happen, losses typically follow. "

" There is a natural tendency for investors to devote a significant majority of their time to finding new ideas. After all, uncovering great companies selling at great prices is the lifeblood of successful investing. But in the never-ending quest for the next great idea, investors often give short shrift to their existing investments. "

" The potential rewards of small-cap investing do not come without risk. "

" You just have to approach every day and say, 'If you were starting fresh today, what would my portfolio look like?' So that's how we think about it. "

" Mueller is the leading North American provider of water infrastructure and flow control products - things such as fire hydrants, valves, pipes, fittings, and couplings. While this is no doubt a mundane business, it is also an excellent one. "

" If I bring to light a company that's poisoning customers, defrauding investors, or something like that... there just aren't enough regulators in the world to keep up with all of the fraud and malfeasance that goes on out there, particularly in the little nooks and crannies of the market. "

" Most chief executives rise to that position by being good operating managers. Few have extensive experience or training with capital allocation. What CEO wants to return excess cash to shareholders when it could be used to expand his or her empire? "

" I think that most people who complain about our government have no idea what they're talking about because they've never been to a country with a bad government. "

" It's difficult to fix a truly broken business, but when it happens, the returns can be extraordinary. "

" When it comes to owning stocks of the best-known businesses in the world, value investors usually feel like children looking through the window of the candy store, unable to afford the treats inside because they refuse to pay the prices such high-quality franchises typically bear. "