Warren Buffett says

“Managers who want to expand their domain at the expense of owners might better consider a career in government.”

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

“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.”

“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.”