Being rational is a moral Imperative. You should never be stupider than you need to be.

You must value the business in order to value the stock.

Just as a man working with his tools should know its limitations, a man working with his cognitive apparatus must know its limitations.

Those who keep learning, will keep rising in life

It takes character to sit there with all that cash and do nothing. I didn't get to where I am by going after mediocre opportunities.

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.

We may well have a competitive advantage buying decent businesses at decent prices. But they won't be fabulous businesses and fabulous prices. There's too much competition and money out there, with many buyout specialists.