The four most expensive words in the English language are, 'This time it's different.'

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

The objective of our religious foundations is to teach people that they are hurting themselves when they say they believe something. What we should realize is we know almost nothing about God and therefore we should be eager to search and to learn.

There will always be bull markets followed by bear markets followed by bull markets

The other boys at Yale came from wealthy families, and none of them were investing outside the United States, and I thought, 'That is very egotistical. Why be so shortsighted or near-sighted as to focus only on America? Shouldn't you be more open-minded?'

Outperforming the majority of investors requires doing what they are not doing. Buying when others have despaired, and selling when they are full of hope, takes fortitude.

Everyone has special talents, and it is our duty to find ours and use them well.