We Americans love original ideas. But truly, there are already plenty of good ones out there, ours for the taking. If I were too proud to copy the ideas of others, I likely wouldnt have even a fraction of my current success.

Warren Buffett has said many times that people either get value investing in five minutes or they won't get it in five years. So, there is something in the human brain, that for some of us, makes all the difference in the world right away and the patience it requires is part of the wiring process.

Basically if you study entrepreneurs, there is a misnomer: People think that entrepreneurs take risk, and they get rewarded because they take risk. In reality entrepreneurs do everything they can to minimize risk. They are not interested in taking risk. They want free lunches and they go after free lunches.

The only way one should buy stocks is if you understand the underlying business. You stay within the circle of competence. You buy businesses you understand.

Heads I win, tails I don’t lose much.

The problem most nonprofits have is that they are run by romantics who are great to hang out with, but they have no clue.

The good news in investing is there are no HR problems. If there are no humans, there are no problems!