A lot of share-buying, not bargain-seeking, is designed to prop stock prices up. Thirty to 40 years ago, it was very profitable to look at companies that were aggressively buying their own shares. They were motivated simply to buy below what it was worth.

Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.

If you can get good at destroying your own wrong ideas, that is a great gift.

There’s no way that you can live an adequate life without many mistakes. In fact, one trick in life is to get so you can handle mistakes. Failure to handle psychological denial is a common way for people to go broke.

The first chance you have to avoid a loss from a foolish loan is by refusing to make it; there is no second chance.

Learn how to ignore the examples from others when they are wrong, because few skills are more worth having.

I don't spend much time regretting the past, once I've taken my lesson from it. I don't dwell on it.