Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.

In fact I've probably never seen such a wide moat.

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

Trying to prioritize among things we're unlikely to do is pretty fruitless.

You've got to have models in your head and you've got to array you experience - both vicarious and direct - onto this latticework of mental models.

I knew a guy who had $5 million and owned his house free and clear. But he wanted to make a bit more money to support his spending, so at the peak of the internet bubble he was selling puts on internet stocks. He lost all of his money and his house and now works in a restaurant. It's not a smart thing for the country to legalize gambling [in the stock market] and make it very accessible.

The best thing a human being can do is to help another human being know more.