If you're going to be an investor, you're going to make some investments where you don't have all the experience you need. But if you keep trying to get a little better over time, you'll start to make investments that are virtually certain to have a good outcome. The keys are discipline, hard work, and practice. It's like playing golf - you have to work on it.

Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it's time.

How do you compete against a true fanatic? You can only try to build the best possible moat and continuously attempt to widen it.

It's not given to human beings to have such talent that they can just know everything about everything all the time. But it is given to human beings who work hard at it - who look and sift the world for a mispriced bet - that they can occasionally find one. And the wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time they don't. It's just that simple.

Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.

Kellogg's and Campbell's moats have also shrunk due to the increased buying power of supermarkets and companies like Wal-Mart. The muscle power of Wal-Mart and Costco has increased dramatically.

The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It's just that simple.