Those who will not face improvements because they are changes, will face changes that are not improvements.

I regard it as very unfair, but capitalism without failure is like religion without hell.

Finding a single investment that will return 20% per year for 40 years tends to happen only in dreamland. In the real world, you uncover an opportunity, and then you compare other opportunities with that. And you only invest in the most attractive opportunities. That's your opportunity cost. That's what you learn in freshman economics. The game hasn't changed at all. That's why Modern Portfolio Theory is so asinine.

Just keep your head down and do your best.

A few major opportunities, clearly recognizable as such, will usually come to one who continuously searches and waits, with a curious mind, loving diagnosis involving multiple variables. And then all that is required is a willingness to bet heavily when the odds are extremely favorable, using resources available as a result of prudence and patience in the past.

Our biggest mistakes, were things we didn't do, companies we didn't buy.

There is bound to be a regression toward the mean.