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

To atone, I teach and try to set an example... I love spreading this stuff around. Just because it's trite doesn't mean it isn't right. In fact, I like to say, 'If it's trite, it's right.'

All intelligent investing is value investing - acquiring more that you are paying for. You must value the business in order to value the stock.

Beta and modern portfolio theory and the like - none of it makes any sense to me.

There's a lot wrong [with American universities]. I'd remove 3/4 of the faculty - everything but the hard sciences. But nobody's going to do that, so we'll have to live with the defects. It's amazing how wrongheaded [the teaching is]. There is fatal disconnectedness. You have these squirrelly people in each department who don't see the big picture.

Everybody engaged in complex work needs colleagues. Just the discipline of having to put your thoughts in order with somebody else is a very useful thing.”

We look for a horse with one chance in two of winning and which pays you three to one.