In my life there are not that many questions I can't properly deal with using my $40 adding machine and dog-eared compound interest table.

It's not the bad ideas that do you in, but the good ones.

We have a high moral responsibility to be rational

We believe there should be a huge area between everything you should do and everything you can do without getting into legal trouble. I don't think you should come anywhere near that line. We don't deserve much credit for this. It helps us make more money. I'd like to believe that we'd behave well even if it didn't work. But more often, we've made extra money from doing the right thing. Ben Franklin said I'm not moral because of it's the right thing to do - but because it's the best policy.

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

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

Move only when you have an advantage. It's very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.