This is a good life lesson: getting the right people into your system is the most important thing you can do.

Bull markets go to people's heads. If you're a duck on a pond, and it's rising due to a downpour, you start going up in the world. But you think it's you, not the pond.

I think liberal art faculties at major universities have views that are not very sound, at least on public policy issues - they may know a lot of French however.

Investing is where you find a few great companies and then sit on your ass.

Opportunity cost is a huge filter in life. If you've got two suitors who are really eager to have you and one is way the hell better than the other, you do not have to spend much time with the other. And that's the way we filter out buying opportunities.

Forgetting your mistakes is a terrible error if you are trying to improve your cognition.

After nearly making a terrible mistake not buying See's, we've made this mistake many times. We are apparently slow learners. These opportunity costs don't show up on financial statements, but have cost us many billions.