Investing is where you find a few great companies and then sit on your ass.

I believe in the discipline of mastering the best that other people have ever figured out. I don't believe in just sitting down and trying to dream it all up yourself. Nobody's that smart.

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

Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?

Is there such thing as a cheerful pessimist? That's what I am.

I think the main figure that matters to all of us, including people in the media, is: How does GDP per capita grow? And those figures have been very good. There is a huge flux both up and down, so it isn't like we're all static in status. What's important is that pie grows.

The more hard lessons you can learn vicariously rather than through your own hard experience, the better.