See's candy company was the first high-quality business we ever bought.

The big money is not in the buying and selling ... but in the waiting.

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

If you have competence, you pretty much know its boundaries already. To ask the question (of whether you are past the boundary) is to answer it.

It's a good habit to trumpet your failures and be quiet about your successes.

Our standard prescription for the know-nothing investor with a long-term time horizon is a no-load index fund. I think that works better than relying on your stock broker. The people who are telling you to do something else are all being paid by commissions or fees. The result is that while index fund investing is becoming more and more popular, by and large it's not the individual investors that are doing it. It's the institutions.

If you don't allow for self-serving bias in the conduct of others, you are, again, a fool.