Time is the enemy of a poor business and the friend of a great business

"Time is the enemy of the poor business and the friend of the great business. If you have a business that's earning 20%-25% on equity, time is your friend. But time is your enemy if your money is in a low return business."

[Warren Buffett in Berkshire Hathaway's 1998 Annual Meeting]

Buying mediocre companies at bargain price

"After ending our corporate marriage to Hochschild Kohn, [a Baltimore department store Buffett bought for a bargain price] I had memories like those of the husband in a country song, "My Wife Ran Away With My Best Friend and I Still Miss Him a Lot."

(Berkshire Hathaway Annual Report 1989)