We have to have a special insight, or we'll put it in the 'too tough' basket. All of you have to look for a special area of competency and focus on that.

Well, the questioner came from Singapore, which has perhaps the best economic record in the history of developing an economy. And therefore he referred to 15 percent per annum as modest. It's not modest, it's arrogant.

The number one idea is to view a stock as an ownership of the business and to judge the staying quality of the business in terms of its competitive advantage. Look for more value in terms of discounted future cash-flow than you are paying for. Move only when you have an advantage.

It's a rare business that doesn't have a way worse future than it has a past.

Over the very long term, history shows that the chances of any business surviving in a manner agreeable to a company's owners are slim at best.

The game of life is the game of everlasting learning. At least it is if you want to win.

Step by step you get ahead, but rarely in fast spurts.