If you're very talented and keep winning, you'll do just fine. It may take a while. But the talent is hard to identify and talent is hard to tell from luck. There's an awful lot of luck in this business. Past performance is not helpful in judging future performance.

Speculation leads you the wrong way. It allows you to put your emotions first, whereas investment gets emotions out of the picture.

I think it's gone much too far. Most of them are not worth the powder to blow them to hell.

Successful investing is about owning businesses and reaping the huge rewards provided by the dividends and earnings growth of our nation's - and, for that matter, the world's - corporations.

Managed funds are astonishingly tax-inefficient.

We are facing incredible challenges in the economy of the U.S. and the economy of the globe, but the stock market, we never know whether it's over-discounted or under-discounted or got exactly right its anticipation.

Investing is not nearly as difficult as it looks. Successful investing involves doing a few things right and avoiding serious mistakes.