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

All the equity investors, in total, will surely bear a performance disadvantage per annum equal to the total croupiers' costs they have jointly elected to bear. This is an inescapable fact of life. And it is also inescapable that exactly half of the investors will get a result below the median result after the croupiers' take, which median result may well be somewhere between unexciting and lousy.

The liabilities are always 100 percent good. It's the assets you have to worry about.

It's simplicity itself that its future will be way worse than its past.

Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to hell with them.

There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of its own and doesn't cover new reality. We want people taking into account new information.

When you locate a bargain, you must ask, 'Why me, God? Why am I the only one who could find this bargain?'