Just as a man working with his tools should know its limitations, a man working with his cognitive apparatus must know its limitations.

Common stock investors can make money by predicting the outcomes of practice evolution. You can't derive this by fundamental analysis - you must think biologically.

It's a finite and very competitive world. All large aggregations of capital eventually find it hell on earth to grow and thus find a lower rate of return.

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

The ethos of not fooling yourself is one of the best you could possibly have. It's powerful because it's so rare.

See's candy company was the first high-quality business we ever bought.

The possibility that stock value in aggregate can become irrationally high is contrary to the hard-form "efficient market" theory that many of you once learned as gospel from your mistaken professors of yore. Your mistaken professors were too much influenced by "rational man" models of human behavior from economics and too little by "foolish man" models from psychology and real-world experience.