If You've Got A Good Enough Business,

The Big Question About How People Behave Is Whether They've Got An Inner Scorecard Or An Outer Scorecard. It Helps If You Can Be Satisfied With An Inner Scorecard.

You Get In A Lot Of Trouble When You Start Putting Fictitious Numbers.

Investors... Can't Pick Stocks That Are Better Than Average. Stocks Are A Good Thing To Own Over Time. There's Only Two Things You Can Do Wrong: You Can Buy The Wrong Ones, And You Can Buy Or Sell Them At The Wrong Time. And The Truth Is You Never Need To Sell Them.

It Isn't Given To Man To Be Able To Run A Financial Institution Where Different Interest-rate Scenarios Will Prevail On All Of That So As To Produce Kind Of Smooth, Regular Earnings From A Very Large Base To Start With.

Investment Must Be Rational; If You Can't Understand It, Don't Do It.