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.

We look for a horse with one chance in two of winning and which pays you three to one.

I did not succeed in life by intelligence. I succeeded because I have a long attention span.

It's human nature to extrapolate the recent past into the future, but it's terrible that managements go along with this.

'F.A.S.B' ... 'Financial Accounts Still Bogus'.

Don't do cocaine. Don't race trains. And avoid AIDS situations.

Size will hurt returns. Look at Berkshire Hathaway - the last five things Warren has done have generated returns that are splendid by historical standards, but now give him $100 billion in assets and measure outcomes across all of it, it doesn't look so good. We can only buy big positions, and the only time we can get big positions is during a horrible period of decline or stasis. That really doesn't happen very often.