If the value of a company doesn't just scream out at you, it's too close.

I'm a bull on Berkshire Hathaway. There may be some considerable waiting, but I think there are some good days ahead.

No wise pilot, no matter how great his talent and experience, fails to use his checklist.

Financial institutions make us nervous when they're trying to do well.

The normal expectancy of the average investor - for example, the pension funds of AT&T or IBM - is 6% for a long time.

Finding a single investment that will return 20% per year for 40 years tends to happen only in dreamland. In the real world, you uncover an opportunity, and then you compare other opportunities with that. And you only invest in the most attractive opportunities. That's your opportunity cost. That's what you learn in freshman economics. The game hasn't changed at all. That's why Modern Portfolio Theory is so asinine.

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