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

I think there's something to be said for developing the disposition to own stocks without fretting.

You've got to have models in your head and you've got to array you experience - both vicarious and direct - onto this latticework of mental models.

It took us months of buying all the Coke stock we could to accumulate $1 billion worth - equal to 7% of the company. It's very hard to accumulate major positions.

In the corporate world, if you have analysts, due diligence, and no horse sense, you've just described hell.

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.

Avoid evil, particularly if they're attractive members of the opposite sex.