If you always tell people why, they'll understand it better, they'll consider it more important, and they'll be more likely to comply.

The Berkshire-style investors tend to be less diversified than other people. The academics have done a terrible disservice to intelligent investors by glorifying the idea of diversification. Because I just think the whole concept is literally almost insane. It emphasizes feeling good about not having your investment results depart very much from average investment results. But why would you get on the bandwagon like that if somebody didn't make you with a whip and a gun?

If you can buy the best companies, over time the pricing takes care of itself.

The tax code gives you an enormous advantage if you can find some things you can just sit with.

Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to hell with them.

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

I don't invest in what I don't understand. And I don't want to understand Facebook.