Successful Investing Takes Time, Discipline And Patience.

Other Guys Read Playboy. I Read Annual Reports.

A Diamond Cannot Be Polished Without Friction, Nor A Person Perfected Without Trials. Someone Is Enjoying Shade Today Because Someone Planted A Tree A Long Time Ago.

In The Financial Markets I Find It Easy To Predict What Will Happen And Very Difficult To Predict When It Will Happen. I Think That Things Were Clear During The Bubble As To What Would Happen Eventually.

I Have Always Cautioned Partners That I Considered Three Years A Minimum In Determining Whether We Were "performing".

An Investor Should Ordinarily Hold A Small Piece Of An Outstanding Business With The Same Tenacity That An Owner Would Exhibit If He Owned All Of That Business.