Proper accounting is like engineering. You need a margin of safety. Thank God we don't design bridges and airplanes the way we do accounting.

Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day.

I would argue that a majority of the horrors we face would not have happened if the accounting profession developed and enforced better accounting.

If you always tell people why, they'll understand it better, they'll consider it more important, and they'll be more likely to comply.

Hard work, honesty, if you keep at it, will get you almost anything.

Our approach has worked for us. Look at the fun we, our managers, and our shareholders are having. More people should copy us. It's not difficult, but it looks difficult because it's unconventional - it isn't the way things are normally done. We have low overhead, don't have quarterly goals and budgets or a standard personnel system, and our investing is much more concentrated than average. It's simple and common sense.

It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait. If you didn’t get the deferred-gratification gene, you’ve got to work very hard to overcome that.