Warren made significant profits by following Benjamin Graham's advice to buy very cheap stocks, regardless of the company's quality, but he knew this strategy was self-limiting. Getting into great businesses that either have a great manager or can prosper even under poor management is crucial.

Warren has a history of buying stocks below their working capital per share, which often meant investing in companies that were not performing well.

Warren's investment strategy involved thorough research, as demonstrated when he bought American Express after the salad oil scandal, believing it was a minor setback.

We learned the importance of strong brands when we bought a company with a powerful trademark and a good culture, which led to significant profits.

Warren had a passion for competitive success from a young age, which, combined with his high IQ and energy, gave him a significant advantage in investing.

Warren Buffett made a lot of money by buying thinly traded securities that were statistically cheap, allowing him to earn high returns on capital year after year.

Warren and I were fortunate to have favorable outcomes in our investments, but we don't believe we deserve all the credit for it.

We have bought businesses that initially seemed good but turned out poorly; we hold onto mediocre ones unless they present unsolvable problems.

When acquiring companies, we prioritize direct negotiations with founders to ensure alignment and understanding of the vision and product fit.