A great business at a fair price is superior to a fair business at a great price.

A foreign correspondent, after talking to me for a while, once said: "You don't seem smart enough to be so good at what you're doing. Do you have an explanation?"

It's dangerous to short stocks.

There's no way that you can live an adequate life without making many mistakes.

Economists get very uncomfortable when you talk about virtue and vice. It doesn't lend itself to a lot of columns with numbers. But I would argue that there are big virtue effects in economics. I would say that the spreading of double-entry bookkeeping by the Monk, Fra Luce de Pacioli, was a big virtue effect in economics. It made business more controllable, and it made it more honest.

The ethos of not fooling yourself is one of the best you could possibly have. It's powerful because it's so rare.

Someone will always be getting richer faster than you. This is not a tragedy.