Of course you want to drive that out of yourself because you want to be wise, not foolish. You also have to allow for the self-serving bias of everybody else because most people are not going to remove it all that successfully, the human condition being what it is. If you don't allow for self-serving bias in your conduct, again you're a fool.

I think there's something to be said for developing the disposition to own stocks without fretting.

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

We may well have a competitive advantage buying decent businesses at decent prices. But they won't be fabulous businesses and fabulous prices. There's too much competition and money out there, with many buyout specialists.

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

The first chance you have to avoid a loss from a foolish loan is by refusing to make it; there is no second chance.

Determine value apart from price; progress apart from activity; wealth apart from size.