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

Remember that reputation and integrity are your most valuable assets - and can be lost in a heartbeat.

The idea of excessive diversification is madness.

Beta and modern portfolio theory and the like - none of it makes any sense to me.

It takes almost no capital to open a new See's candy store. We're drowning in capital of our own that has almost no cost. It would be crazy to franchise stores like some capital-starved pancake house. We like owning our own stores as a matter of quality control.

I'm very pleased when the smartest people come [to the U.S.] and almost never pleased when the very bottom of the mental barrel comes in.

All sensible investing is value investing