Never Lie Under Any Circumstances.

You Pay A Very High Price In The Stock Market For A Cheery Consensus.

Look For 3 Things In A Person. Intelligence, Energy, & Integrity. If They Don't Have The Last One, Don't Even Bother With The First Two.

The Key To Investing Is Not Assessing How Much An Industry Is Going To Affect Society, Or How Much It Will Grow, But Rather Determining The Competitive Advantage Of Any Given Company And, Above All, The Durability Of That Advantage.

Do Not Take Yearly Results Too Seriously. Instead, Focus On Four Or Five-year Averages.

We Simply Attempt To Be Fearful When Others Are Greedy And To Be Greedy Only When Others Are Fearful.