Two Rules: 1. Preserve The Principal 2.

Unless Your Answers Are Clearly Better, Copy The Answers Of Your Betters.

Market Prices For Stocks Fluctuate At Great Amplitudes Around Intrinsic Value But, Over The Long Term, Intrinsic Value Is Virtually Always Reflected At Some Point In Market Price.

Cash Never Makes Us Happy, But It's Better To Have The Money Burning A Hole In Berkshire's Pocket Than Resting Comfortably In Someone Else's.

The Greatest Enemies Of The Equity Investor Are Expenses And Emotions.

A Bull Market Is Like Sex. It Feels Best Just Before It Ends.