Warren Buffett says

“Intensity is the price of excellence.”

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“We trade real estate for technology (which gets cheaper and more capable every year).”

“Why focus on cash flows? Because a share of stock is a share of a company’s future cash flows, and, as a result, cash flows more than any other single variable seem to do the best job of explaining a company’s stock price over the long term.”

“If you’re long-term oriented, customer interests and shareholder interests are aligned.”

“Warren talks about these discounted cash flows. I’ve never seen him do one.”

“Any business plan won’t survive its first encounter with reality. The reality will always be different. It will never be the plan.”

“We both insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think. So Warren and I do more reading and thinking and less doing than most people in business.”