If people tell you what you really don't want to hear what's unpleasant-there's an almost automatic reaction of antipathy. You have to train yourself out of it.

Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it's time.

I always like it when someone attractive to me agrees with me, so I have fond memories of Phil Fisher. The idea that it was hard to find good investments, so concentrate in a few, seems to me to be an obviously good idea. But 98% of the investment world doesn't think this way.

We have found in a long life that one competitor is frequently enough to ruin a business.

Being short and seeing a promoter take the stock up is very irritating. It's not worth it to have that much irritation in your life.

If you're going to be an investor, you're going to make some investments where you don't have all the experience you need. But if you keep trying to get a little better over time, you'll start to make investments that are virtually certain to have a good outcome. The keys are discipline, hard work, and practice. It's like playing golf - you have to work on it.

It would be nice if this [finding really cheap stocks] happened all the time. Unfortunately, it doesn't.