Activity Is The Enemy Of Investment Returns.

One Of The Ironies Of The Stock Market Is The Emphasis On Activity. Brokers, Using Terms Such As 'marketability' And 'liquidity,' Sing The Praises Of Companies With High Share Turnover... But Investors Should Understand That What Is Good For The Croupier Is Not Good For The Customer. A Hyperactive Stock Market Is The Pick Pocket Of Enterprise.

In Business, I Look For Economic Castles Protected By Unbreachable 'moats'.

Most Business Mistakes Are Irreversible Setbacks, But You Get Another Chance. There Are Two Things In Life That You Don't Get Another Chance At - Marrying The Wrong Person And What You Do With Your Children.

I Made My First Investment At Age Eleven. I Was Wasting My Life Up Until Then.

Other Guys Read Playboy. I Read Annual Reports.