I don't know too many people that are good at timing the market relative to macro-economic events.

The way we make money as a group is that we don't pay a lot for anything, and most of the stocks we buy have low expectations.

I wait until an investment idea is so good, it hits me over the head like an anvil.

I still believe that for good business analysts a concentrated portfolio is a good strategy combined with a long term horizon. Once again, the secret to success in following the formula strategy is patience, a quality in short supply for both professionals and individual investors alike. I think investors should have a large portion of their assets in equities over time.

Look down, not up, when making your initial investment decision. If you don’t lose money, most of the remaining alternatives are good ones.

Choosing individual stocks without any idea of what you're looking for is like running through a dynamite factory with a burning match. You may live, but you're still an idiot.

Here is part of the tradeoff with diversification. You must be diversified enough to survive bad times or bad luck so that skill and good process can have the chance to pay off over the long term.