Suppose you were a real estate investor with a 1/3 interest in the best apartment complex in town, the best mall, and the best office building. Would you feel like a poor, undiversified investor? No! But as soon as you get into stocks, people feel this way. Partly, people need to justify their fees.

Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.

It's dangerous to short stocks.

Just keep your head down and do your best.

The first chance you have to avoid a loss from a foolish loan is by refusing to make it; there is no second chance.

For many of our shareholders, our stock is all they own, and we're acutely aware of that. Our culture [of conservatism] runs pretty deep.

I never allow myself to have an opinion on anything that I don't know the other side's argument better than they do.