I served for 42 years on the board of trustees of the largest Presbyterian seminary, Princeton Theological Seminary, and we had brilliant people - teachers and students both-but they did not come up with many new concepts. They weren't invited to come up with new concepts. Anybody who had come up with a new concept would have been under suspicion for being out of step with the tradition or out of step with the teachings of the church.

Many media commercials encourage us to believe that if we buy a certain product, we can be physically appealing, or popular, or successful. According to the commercial message, it may be easy to make friends and influence people if we simply do what we're told to do. It would be wonderful if that were true, but unfortunately life does not seem to work that way. What is inside of us can be much more important and influential than what is outside.

By facing our challenges and overcoming them, we grow stronger, wiser, and more compassionate.

Focus on value because most investors focus on outlooks and trends.

The government of India regulates nearly everything, so there's very little progress; whereas in Hong Kong the government keeps its hands off... and the standard of living has multiplied.

In my 45-year career as an investment counselor, humility did show me the need for worldwide diversification to reduce risk. That career did help me to become more and more humble because statistics showed that when I advised a client to buy one stock to replace another, about one-third of the time the client would have done better to ignore my advice. In other endeavors, humility about how little I know has encouraged me to listen more carefully and more wisely.

If a business is not ethical, it will fail, perhaps not right away but eventually.